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Scope of Services and Fee Estimate An Analysis of Residential Market Potential Page 4 Downtown South Bend City of South Bend, St. Joseph County, Indiana January 7, 2013 PHASE TWO: MARKET ANALYSIS TASK 2.1— MARKET POTENTIAL: TARGET MARKET ANALYSIS To achieve the study objectives and establish the framework for analysis, Zimmerman /Volk Associates will employ its proprietary target market methodology. In contrast to traditional supply /demand analysis —which is based on supply -side dynamics and baseline demographic projections— target market analysis establishes the optimum market position for new housing based on the housing and lifestyle preferences and financial capabilities of households in the draw areas. Task 2.1.1 —The Competitive Context: Supply -Side Analysis Analysis of the competitive context, including information on relevant newly- created market -rate for -sale developments and relevant existing market -rate rental developments. Zimmerman /Volk Associates will evaluate the residential context in relation to potential residential or mixed -use development within the Downtown, based on available supply - side data and field investigation by Zimmerman /Volk Associates' personnel. Task 2.1.2 —Draw Area Delineation Zimmerman /Volk Associates will identify the appropriate draw areas for housing within the City of South Bend and the Downtown, based on historical settlement patterns, migration trends, and other market dynamics. Task 2.1.3— Determination of Market Potential Zimmerman /Volk Associates will determine the depth and breadth of the potential market for the City of South Bend and the Downtown — including rehabilitation /renovation or adaptive re -use of existing structures as well as new construction — through target market analysis of households in the draw areas, as follows: • Current (2013) household classification by market group within the draw areas. • Qualification and filtering of the draw area households by relevant criteria including, among others, housing and neighborhood preferences and household mobility rates. • Identification of those households within the draw areas with the potential to move within or to the City of South Bend and to the Downtown. The potential market will be correlated by household group (empty- nesters /retirees, traditional and non - traditional families, younger singles /couples); by tenure (rental and ownership); and by housing type (e.g.— multi - family for -rent and for -sale ZIMMERMANNOLK ASSOCIATES, INC.