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3 <br /> SECTION II <br />PROJECT BACKGROUND <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 2023 <br />Draft Market Study Report <br /> <br />www.FinanceDTA.com <br />II PROJECT BACKGROUND <br />In order to fully understand the Specific Plan, DTA’s market analysis encompassed the review of <br />historical data and future projections, including appropriate metrics such as rental housing supply, local <br />demographics, employment, etc. The source of our information was the CoStar real estate database. <br />While some of the metrics are based upon year-end 2022 information, most of the data has been <br />updated through April 2023. <br />As of August 2023, the California Economic Development Department (the “Department”) estimates <br />that there are 1,708,900 jobs in the County and a current unemployment rate of 3.9%. The Department <br />also indicates that there was a 3.0% increase in the Consumer Price Index (“CPI”) on a year-over-year <br />basis. This is a strong indication that economic activity and the local marketplace are still robust. <br />The population of the City as of July 2022 was just over 308,000 people residing in approximately <br />82,058 dwelling units, an average of four persons per household. The median household income is <br />$77,000, with a population of more than 11,300 residents per square mile. <br /> <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 526 9/17/2024