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Scope of Services and Fee Estimate An Analysis of Residential Market Potential Page 2 Downtown South Bend City of South Bend, St. Joseph County, Indiana January 7, 2013 INTRODUCTION This document outlines the scope of work designed to establish the depth and breadth of the potential market for new market -rate dwelling units, to be added through adaptive re -use of existing non - residential structures and /or new construction, within Downtown South Bend (the Study Area), in the City of South Bend, St. Joseph County, Indiana. The initial assumption is that the boundaries of the Study Area are concurrent with those of the South Bend Central Development Area (TIF area), but the boundaries may be refined after Phase One. For this analysis, Zimmerman /Volk Associates, Inc. will research and evaluate market activity and geo- demographic data relating to the Downtown, the City of South Bend, and St. Joseph County. The determination of the market potential for new and existing dwelling units in the Downtown and the city will be based on the housing preferences and economic capabilities of target households, the existing conditions and characteristics of the Downtown, as well as the development objectives of the client. The scope of services will determine: • 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). ZIMMERMANNOLK ASSOCIATES, INC.