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Home My WebLink About[05d] SCSU StudyDate: Novembber 9, 2009 Memo To: Members of the EDAA City Addministrator WWeyrens Memo Fromm: Cynthiaa Smith-Stracck, MDG, Incc. RE: SCSUSStudy Backgrounnd: Following tthe October 228, 2009 reggular EDA meeeting Dr. Maary Edwards was contacted regarding ffinal adjustmments to the St. Joseph Economic Immpact Study. The following adjustments were requeested: 1. Strike any refereence to renterrs from SCSUU, S.C. Vo Teech, Rasmusssen and the likee. 2. Insert narrativess as discussedd at the landloord meeting oon Oct. 14th ((i.e. (A)intangibles likke if student rrentals are chhanged to genneral market rrents, rent yieeld willl decrease; (BB) probability that if the value of investmment property (rentals) deccreases that ttax yield will ddecrease; proobability that iff investment pproperty is connverted to SF owner occuppied tax yield will decreasee due to differrent tax classification; (CC) enrollment fluctuations mmay impact innvestment prooperties moree since on-campus beds will bee filled prior too investment properties). 3. Keeep analysis reeferencing 2008 beds AND the 794 unitss rented. 4. Speecifically answwer this question relating tto rental convversion: Does economic anaalysis supportt the investmeent of public ffunds in converting some investment prooperty to other uses or assistance with rrehabbing to ssupport anothher usee (i.e. owner ooccupied, commmercial, pubblic). If so, whhy; if not, whyy not. 5. CSSB/SJU cross--referenced ddata streams ffrom the two institutions annd the City. Thee data from CCSB/SJU indiccates a total oof 981 studennts (500 CSB; 481 SJU) live off--campus. Of tthose 258 do not live in St.. Joseph; leavving 723 with either off- cammpus addressses in St. Joseph or off-cammpus addresses studying abroad. We knoow from landlords that thosse living off caampus and sttudying abroaad do not recceive a break in rent. They must either ppay rent, havee others livingg in the rental maake up the diffference, or suub-lease. CSBB/SJU report 277 student rrent apartmennt units in St. Joseph, 226 rent ssingle family homes; 220 rreported with off campus adddresses who are studying abroad in fall count. th Dr. Edwardds indicates shhe will complete the changges on Tuesdday, October 13. I will emmail everyonea copy when I received the adjusted finaal copy. Action: This item iis for your innformation annd discussionn. If you aree comfortablee with the finnal adjustments a motion to recommend study acceptance to the CCity Council iss in order.