11-8-01 EXECUTIVE SUMMARY - BEST/BENSON

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FROM BE-ST & FLANAGAN (WED) 11. 7' 01 17:01/ST, 16:57/NO. 4863201824 P 3 EXECUTIVE SUMMARY Demographic .Analysis ect is located in the City of Orono,but is more associ- The proposed 62-unit senior housing prof to that City's Downtown, located two ated with the City of Long Lake, due to its proximity blocks to the east. Long Lake is a small city located at the fringe of the Twin Cities western s. Lon Lake is located on the western shore of the lake of the same name, and according suburb S to the 2000 Census, is home to 1,842 persons. large employers is located within the Study Area. The Intersatee 39994/ A• diverse array interchange of i desirable location for offices. Proximity to L Highway 1 Z is a very the western Minne- tonka and its upscale residential areas, combined with freeway links to search entireof a Twin Metropolitan Area, give the Study Area an advantage for comp Cit- iesanies in office location. The Study Area's largest employer,Prudential, is located in Plymouth, and has 3,500 em- ployees.• is located in Minnetonka. Carlson Cargill,the nations largest private company, Companies'headquarters is at the Interstate 394/494/highway 12 interchange. ent • The Study Area is also a short to moderate commute time from he e ploc n entcy ions lo- ters located farther south in Minnetonka and Eden Prairie. Gated along the 1-494 ring in the Southwest Metropolitan wiitth�h�e nce�tmta ion of significant fiu'Down- town ownum- ber of the jobs in the Twin Cities. This combinedArea, make the Study Area a desirable town Minneapolis, located 15 miles east of the Study place to reside with regard to employment proximity- owth during the 1990s, adding The Orono Study Area experienced substantial employment grow over 22,900 jobs, an increase of 26%. Minnetonka and Plymouthhave the largest number of employers, as they are geographically larger, and are also located along Interstate 494 and bisected by 1-394. • Employment is projected to grow by an additional 11,000jobs (10%)ccur in Study Area Ply- mouth, 2000 and 2010. Much of the growth is anticipatedsu 1 of vacant]and• mouth, but will taper slightly due to these Cities' diminishing supply Population and Household Growth Trends w • The Study Area had an overall population of 101,045 in 990. hat,number r grew 619.1 to 120,359 as of 2000. It is anticipated that the Study Area 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 somewhat,with a projected increase of nearly 6,000 households (13%). 2 M1 ) 1ELD RESEARCH INC.