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Maxfield <br />Research & Consulting <br />December 19, 2017 <br />MEMORANDUM <br />TO: Mr. Eric Zweber <br />WSB & Associates <br />FROM: Mr. Matt Mullins & Ms. Hannah Bonestroo <br />Maxfield Research and Consulting, LLC. <br />RE: Initial Market Assessment for the Navarre Small Area Plan in Orono, Minnesota <br />Introduction/Purpose and Scope of Research <br />This memorandum contains an initial market assessment to evaluate the potential develop- <br />ment opportunities in Navarre neighborhood located in Orono, Minnesota. The scope of the <br />study includes a review of key demographic trends, an assessment of current market conditions <br />for housing, and analysis of the current commercial market in the Lake Minnetonka area. <br />The methodology used to calculate demand in this memorandum is proprietary to Maxfield Re- <br />search but is consistent with methodologies used by analysts throughout the housing industry. <br />This report includes primary and secondary research. Primary research includes interviews with <br />rental property and self -storage managers gathering data on existing and proposed rental and <br />self -storage properties. Secondary research is credited to the source when used, and is usually <br />data from the U.S. Census or regional planning agencies. Secondary research is always used as <br />a basis for analysis, and is carefully reviewed in light of other factors that may impact projec- <br />tions such as residential building permit data or migration trends. <br />MAXFIELD RESEARCH AND CONSULTING, LLC <br />