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�_ (IV ��') iSOLTti �� Department of Community 1865,. Investment Memorandum Friday, February 08, 2013 TO: Redevelopment Commission FROM: Jitin Kain, Director of Planning SUBJECT: Study of Residential Market Potential for Downtown South Bend Attached is a proposal from Zimmerman /Volk Associates, Inc. for conducting a study of residential market potential for downtown South Bend. Zimmerman /Volk Associates, Inc. is a nationally known expert specializing in the analysis of compact and sustainable development; mixed - income, mixed - tenure redevelopment; mixed -use urban revitalization; traditional neighborhood developments; and integrated -use master - planned communities. Over the last two years, downtown South Bend has seen some exciting new residential development with potential for additional development in coming years. As the City continues its efforts to encourage more residential in downtown, many in the development community have asked for a market analysis of the demand and capacity for downtown residential. The scope of services for this analysis includes determining: • Where the potential renters and buyers of newly- created housing units in Downtown South Bend are likely to move from (the draw areas); • Who currently lives in the draw areas and what they are like (the target markets); • How many are likely to move to the Downtown if appropriate housing units were to be made available (depth and breadth of the market); • What their housing preferences are in aggregate (rental or ownership, multi - family or single - family); • What are they currently willing to pay to rent or purchase newly- created dwelling units within the Downtown; • What their alternatives are (new construction or existing housing stock in the South Bend market area); and • How many newly- created dwelling units can be leased or sold within the Downtown over the next five years (absorption forecasts). Staff requests approval of the attached study in the amount of $38,000 from the SBCDA TIF. 227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574- 235 -9371 1 FAX: 574 - 235 -9021 1 SOUTHBENDIN.GOV