11-8-01 EXECUTIVE SUMMARY - BEST/BENSON

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FROM FAEGNE '&'BENSON (THU) 11. 8' 01 14:53/ST. 14:45/NO. 4862015316 P 3 RCM BEST & FLANAGAN ;THU; i 1. 8' 01 8:44/ST. 8:43/NC. 4863199183 ? 3 . EXECUTIVE SUMMARY Demographic Analysis The proposed 62-unit senior housing project is located in the City of Orono,but is more associ- ated with the City of Long Lake, due to its proximity to that City's Downtown, located two blocks to the east. Long Lake is a small city located at the fringe of the Twin Cities western suburbs. Long Lake is located on the western shore of the lake of the same name, and according to the 2000 Census, is home to 1,842 persons. � % � �e CSS , / • A diverse array of large employers is located within th Study The Interstate 394/494/ Highway 12 interchange is a very desirable location for o:•c . oximity to Lake Minne- tonka and its upscale residential areas,combined with freeway links to the entire western Metropolitan Area, give the Study Area an advantage for companies in search of a Twin Cit- ies office location. • The Study Area's largest employer,Prudential,is located in Plymouth, and has 3,500 em- ployees. Cargill. the nation's largest private company,is located in Minnetonka. Carlson Companies' headquarters is at the Interstate 394/494/Highway 12 interchange. • The Study Area is also a short to moderate commute time from the employment centers located farther south in Minnetonka and Eden Prairie. The employment concentrations lo- cated along the I-494 ring in the Southwest Metropolitan Area amount to a significant nurn- ber of the jobs in the Twin Cities. This combined with the concentration of jobs in Down- town Minneapolis, located 15 miles east of the Study Area,make the Study Area a desirable place to reside with regard to employment proximity. • The 0 Study Area experienced substantial employment growth during the 1990s, adding over 22,900 jobs, an increase of 26%. Minnetonka and Plymouth have the largest number of employers, as they arc geographically larger, and are also located along Interstate 494 and bisected by 1-394. • Employment is projected to grow by an additional 11,000 jobs (10%)in the Study Area between 2000 and 2010. Much of the growth is anticipated to occur in Minnetonka and Ply- mouth, but will taper slightly due to these Cities'diminishing supply of vacant land_ Population and Household Growth Trends • The Study Area bad an overall population of 101,045 in 1990. That number grew 19.1%to 120,359 as of 2000. It is anticipated that the Study Area will add at least another 6,100 peo- ple by 2010, a gain of 5%. • As of 2000,there were an estimated 46,700 households in the Study Area, an increase of 8,800 households(23%) from 1990. Over the next decade,household growth will likely ta- per per somewhat, with a projected increase of nearly 6,000 households (13%). QLD RESEARCH INC, 2