The market study must gather data and analyze the local market relative to The Grove and its residential and commercial units. Specifically, the market study must: a. Estimate the number of renter households, retail businesses, commercial businesses (as applicable) with sufficient incomes to afford the type of rents/leases proposed at present, as well as any expected changes in rental demand in the foreseeable future (typically the next 3 to 5 years). b. Include in its scope Salt Lake County and its Metropolitan Statistical Area (MSA). c. Identify and discuss any risks associated with longer-term changes in rental demand (during the term of the mortgage). d. Estimate the number of units that the market could reasonably absorb over a specified forecast period, which is typically 3 years, taking into consideration competitive units in the existing inventory, units currently under construction, and units in the planning pipeline, as well as the gross and contract rents of those units. e. Propose a range for the cost of the study. f. Propose a timeline for the study. g. NOTE: The successful firm must be independent of, and unaffiliated with, any entity associated with The Grove, including any loan originator, broker, member of the Development Team, a borrower, lender(s), or any individual or institution involved in any other financial role in the project or associated TIFIA application. h. All studies should designate the Build America Bureau as an intended user, along with potential lender(s) and sponsor(s)/developer(s). i. The Build America Bureau must approve of the prospective Market Analyst – successful proposer -- prior to the commencement of the market study. If a market study is completed prior to the engagement of the Bureau being engaged, the Bureau will accept the market study as-is subject to the remaining requirement conditions being met.
