Palmetto Bay Special Council meeting. What is a Market Analysis and Absorption Study? Know before you go!

One of the 4 special council agenda items that the Village council will decide on is the hiring of Bermello-Ajamil to prepare a Market Absorption Study and to prepare an Economic Development Guidance for the amount of $34,100. Note this was not put to competitive bid, but negotiated through a list of three pre-qualified firms that provide these types of services.

I am posting an example of a Market Analysis and Absorption Study, this being for the- City Center - City of Lynnwood, WA in June 2007, the report is 162 pages.  This is part of a new series that I think will be helpful to both the current members of the village council as well as those interested in the process of government.  I will list these articles under the label "Village Govt 101"

The City of Lynnwood commissioned the market analysis and absorption study to increase its understanding of the magnitude and character of development activity that can be expected to occur within the City Center sub-area. The City of Lynnwood prepared a market analysis and absorption study for Lynnwood’s City Center study area. Key components of the study include the following.
•Review of Economic Trends in the Puget Sound Region
•Analysis of Development/Redevelopment Economics
•Identification of Market Potential & Development Opportunities, and
•Preparation of a Predictive Development/Redevelopment Model

The City used the results of the study to evaluate the ability of the private sector to fund necessary
infrastructure improvements. In addition, it provides a benchmark to identify current and anticipated feasibility in the area, monitor progress, evaluate specific projects, implement strategies and target investment. This report summarizes the general findings and conclusions of this analysis.

Read on to see this report so you know what we can expect from the future Palmetto Bay Market Analysis and Absorption Study. It should be a real study to point the mayor and council in the correct direction for the benefit of Palmetto Bay, not a whitewashed document to lead the council to support predetermined goals.