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School Districts Strategies Demographic Study 05-31-18Westlake Academy Demographics Update Spring 2018 May 31, 2018 © School District Strategies 2 TOWN OF WESTLAKE DEMOGRAPHICS PROFILE: 2017 UPDATE Source: ESRI & U.S. Census Bureau Westlake’s overall population is currently estimated to be 1,279, an increase of 287 people since the 2010 Census (+28.9%) In 2017, the town is estimated to have 388 total households, an increase of 86 households over the past 7 years (+28.5%) ESRI statistics generally reflect a 4.1% annual growth rate since 2010 for the overall population and total HH’s in the town 3 WESTLAKE ACADEMY ENROLLMENT HISTORY (K-12) In 2017/18, a record 854 students are attending Westlake Academy Total enrollment has increased by 655 students since the academy opened in 2003/04 4 WESTLAKE ACADEMY ENROLLMENT HISTORY: K-12 ANNUAL GROWTH 2003-2017 District enrollment has increased each year since 2003/04, averaging 11.4% annual growth (+47 students per year) Over the past 5 years, enrollment growth has been more restricted Westlake Academy enrollment has grown by 179 students since 2011/12 with the majority of the growth occurring during 2013/14 5 WESTLAKE ACADEMY ENROLLMENT HISTORY (K-12): PRIMARY VS. SECONDARY ATTENDANCE BOUNDARY *Primary Boundary Totals include the Grandparent Provision Added in 2015 6 WESTLAKE ACADEMY ENROLLMENT HISTORY (K-12): SHARE OF TOTAL ENROLLMENT BY BOUNDARY 7 WESTLAKE ACADEMY ENROLLMENT HISTORY BY GRADE: PRIMARY BOUNDARY *Totals include the Grandparent Provision Added in 2015 Annual Enrollment History for Westlake Resident Students (Primary Boundary) Fiscal Year K G1 G2 G3 G4 G5 G6 G7 G8 G9 G10 G11 G12 Total Net Chg.% Growth 2003-04 13 5 5 5 6 5 39 2004-05 9 7 16 10 7 9 10 6 74 35 89.7% 2005-06 29 15 18 23 17 11 12 10 6 141 67 90.5% 2006-07 19 32 20 19 20 19 13 11 12 7 172 31 22.0% 2007-08 19 23 25 25 19 16 18 11 12 15 8 191 19 11.0% 2008-09 10 7 20 15 17 12 13 13 6 3 9 3 128 -63 -33.0% 2009-10 25 11 10 20 19 18 16 15 10 9 2 8 2 165 37 28.9% 2010-11 10 18 11 9 17 21 14 12 14 10 8 2 7 153 -12 -7.3% 2011-12 15 13 19 12 10 17 19 15 12 11 11 8 2 164 11 7.2% 2012-13 23 15 14 19 17 14 25 17 18 12 12 10 8 204 40 24.4% 2013-14 28 32 23 17 23 20 13 22 20 18 17 11 10 254 50 24.5% 2014-15 18 27 30 26 20 22 21 18 19 20 14 16 11 262 8 3.1% 2015-16 16 19 23 27 22 18 21 16 8 19 17 9 13 228 -34 -13.0% 2016-17 20 22 20 30 30 27 21 23 17 10 22 17 11 270 42 18.4% 2017-18 28 22 27 24 34 24 29 22 28 17 13 22 18 308 38 14.1% Period Net Chg.Avg. % Chg. 1-Year 38 14.1% 3-Year 46 6.5% 5-Year 104 9.4% 10-Year 117 6.7% 8 ENROLLMENT HISTORY BY ATTENDANCE LEVEL: PRIMARY BOUNDARY *Totals include the Grandparent Provision Added in 2015 Fiscal Year Total YoY Chg.% Growth Total YoY Chg.% Growth Total YoY Chg.% Growth 2003-04 34 5 0 2004-05 58 24 70.6%16 11 0 0 2005-06 113 55 94.8%28 12 75.0%0 0 2006-07 129 16 14.2%43 15 53.6%0 0 2007-08 127 -2 -1.6%64 21 48.8%0 0 2008-09 81 -46 -36.2%44 -20 -31.3%3 3 2009-10 103 22 27.2%52 8 18.2%10 7 2010-11 86 -17 -16.5%58 6 11.5%9 -1 -10.0% 2011-12 86 0 0.0%68 10 17.2%10 1 11.1% 2012-13 102 16 18.6%84 16 23.5%18 8 80.0% 2013-14 143 41 40.2%90 6 7.1%21 3 16.7% 2014-15 143 0 0.0%92 2 2.2%27 6 28.6% 2015-16 125 -18 -12.6%81 -11 -12.0%22 -5 -18.5% 2016-17 149 24 19.2%93 12 14.8%28 6 27.3% 2017-18 159 10 6.7%109 16 17.2%40 12 42.9% Primary Years (K-5th)Middle Years (6th-10th)Diploma Years (11th-12th) Primary Middle Diploma 2003-04 87.2%12.8%0.0% 2004-05 78.4%21.6%0.0% 2005-06 80.1%19.9%0.0% 2006-07 75.0%25.0%0.0% 2007-08 66.5%33.5%0.0% 2008-09 63.3%34.4%2.3% 2009-10 62.4%31.5%6.1% 2010-11 56.2%37.9%5.9% 2011-12 52.4%41.5%6.1% 2012-13 50.0%41.2%8.8% 2013-14 56.3%35.4%8.3% 2014-15 54.6%35.1%10.3% 2015-16 54.8%35.5%9.6% 2016-17 55.2%34.4%10.4% 2017-18 51.6%35.4%13.0% Share of Primary Boundary Enrollment Fiscal Year K G1 G2 G3 G4 G5 G6 G7 G8 G9 G10 G11 G12 Avg 2003-04 2004-05 1.231 2.000 1.400 1.800 1.667 1.200 1.550 2005-06 1.667 2.571 1.438 1.700 1.571 1.333 1.000 1.000 1.535 2006-07 1.103 1.333 1.056 0.870 1.118 1.182 0.917 1.200 1.167 1.105 2007-08 1.211 0.781 1.250 1.000 0.800 0.947 0.846 1.091 1.250 1.143 0.608 2008-09 0.368 0.870 0.600 0.680 0.632 0.813 0.722 0.545 0.250 0.600 0.375 0.587 2009-10 1.100 1.429 1.000 1.267 1.059 1.333 1.154 0.769 1.500 0.667 0.889 0.667 0.902 2010-11 0.720 1.000 0.900 0.850 1.105 0.778 0.750 0.933 1.000 0.889 1.000 0.875 0.900 2011-12 1.300 1.056 1.091 1.111 1.000 0.905 1.071 1.000 0.786 1.100 1.000 1.000 1.035 2012-13 1.000 1.077 1.000 1.417 1.400 1.471 0.895 1.200 1.000 1.091 0.909 1.000 1.122 2013-14 1.391 1.533 1.214 1.211 1.176 0.929 0.880 1.176 1.000 1.417 0.917 1.000 1.154 2014-15 0.964 0.938 1.130 1.176 0.957 1.050 1.385 0.864 1.000 0.778 0.941 1.000 1.015 2015-16 1.056 0.852 0.900 0.846 0.900 0.955 0.762 0.444 1.000 0.850 0.643 0.813 0.835 2016-17 1.375 1.053 1.304 1.111 1.227 1.167 1.095 1.063 1.250 1.158 1.000 1.222 1.169 2017-18 1.100 1.227 1.200 1.133 0.800 1.074 1.048 1.217 1.000 1.300 1.000 1.059 1.097 Averages 3-Yr Avg 1.177 1.044 1.135 1.030 0.976 1.065 0.968 0.908 1.083 1.103 0.881 1.031 1.078 5-Yr Avg 1.177 1.121 1.150 1.096 1.012 1.035 1.034 0.953 1.050 1.100 0.900 1.019 1.019 10-Yr Avg 1.037 1.103 1.034 1.080 1.026 1.047 0.976 0.921 0.979 0.985 0.867 0.959 0.909 14-Yr Avg 1.104 1.211 1.149 1.127 1.110 1.114 0.980 0.962 1.017 0.999 0.867 0.959 1.038 9 COHORT SURVIVAL RATES BY GRADE LEVEL PRIMARY BOUNDARY Rate reflects the percentage of students in the current grade that have moved up from the previous grade , the previous year Annual Enrollment History for Westlake Academy Students (Secondary Boundary) Fiscal Year K G1 G2 G3 G4 G5 G6 G7 G8 G9 G10 G11 G12 Total Net Chg.% Growth 2003-04 21 28 29 27 27 28 160 2004-05 17 27 18 24 26 23 27 28 190 30 18.8% 2005-06 6 15 18 17 22 23 25 32 30 188 -2 -1.1% 2006-07 11 4 17 15 13 19 21 23 25 23 171 -17 -9.0% 2007-08 7 10 6 12 15 16 19 25 20 20 24 174 3 1.8% 2008-09 20 24 16 20 19 24 23 26 30 30 26 27 285 111 63.8% 2009-10 11 28 27 19 25 21 25 26 29 30 34 29 22 326 41 14.4% 2010-11 27 22 29 31 23 39 25 28 26 29 32 29 25 365 39 12.0% 2011-12 22 25 22 31 31 26 40 45 47 47 44 43 29 452 87 23.8% 2012-13 19 25 31 24 31 30 36 45 45 51 51 51 32 471 19 4.2% 2013-14 6 18 18 28 28 34 31 41 42 40 42 48 47 423 -48 -10.2% 2014-15 37 29 25 28 37 33 50 53 52 52 58 54 44 552 129 30.5% 2015-16 33 35 35 32 32 42 47 58 65 52 53 59 48 591 39 7.1% 2016-17 31 33 36 25 32 33 47 50 57 63 47 52 54 560 -31 -5.2% 2017-18 23 31 31 35 24 38 44 52 47 57 61 54 49 546 -14 -2.5% 10 WESTLAKE ACADEMY ENROLLMENT HISTORY BY GRADE: SECONDARY BOUNDARY Period Net Chg.Avg. % Chg. 1-Year -14 -2.5% 3-Year -6 -0.2% 5-Year 75 3.9% 10-Year 372 13.8% 11 ENROLLMENT HISTORY BY ATTENDANCE LEVEL: SECONDARY BOUNDARY Primary Middle Diploma 2003-04 82.5%17.5%0.0% 2004-05 71.1%28.9%0.0% 2005-06 53.7%46.3%0.0% 2006-07 46.2%53.8%0.0% 2007-08 37.9%62.1%0.0% 2008-09 43.2%47.4%9.5% 2009-10 40.2%44.2%15.6% 2010-11 46.8%38.4%14.8% 2011-12 34.7%49.3%15.9% 2012-13 34.0%48.4%17.6% 2013-14 31.2%46.3%22.5% 2014-15 34.2%48.0%17.8% 2015-16 35.4%46.5%18.1% 2016-17 33.9%47.1%18.9% 2017-18 33.3%47.8%18.9% Share of Secondary Boundary Enrollment Fiscal Year Total YoY Chg.% Growth Total YoY Chg.% Growth Total YoY Chg.% Growth 2003-04 132 28 0 2004-05 135 3 2.3%55 27 0 0 2005-06 101 -34 -25.2%87 32 58.2%0 0 2006-07 79 -22 -21.8%92 5 5.7%0 0 2007-08 66 -13 -16.5%108 16 17.4%0 0 2008-09 123 57 86.4%135 27 25.0%27 27 2009-10 131 8 6.5%144 9 6.7%51 24 2010-11 171 40 30.5%140 -4 -2.8%54 3 5.9% 2011-12 157 -14 -8.2%223 83 59.3%72 18 33.3% 2012-13 160 3 1.9%228 5 2.2%83 11 15.3% 2013-14 132 -28 -17.5%196 -32 -14.0%95 12 14.5% 2014-15 189 57 43.2%265 69 35.2%98 3 3.2% 2015-16 209 20 10.6%275 10 3.8%107 9 9.2% 2016-17 190 -19 -9.1%264 -11 -4.0%106 -1 -0.9% 2017-18 182 -8 -4.2%261 -3 -1.1%103 -3 -2.8% Primary Years (K-5th)Middle Years (6th-10th)Diploma Years (11th-12th) 12 COHORT SURVIVAL RATES BY GRADE LEVEL SECONDARY BOUNDARY Rate reflects the percentage of students in the current grade that have moved up from the previous grade , the previous year Fiscal Year K G1 G2 G3 G4 G5 G6 G7 G8 G9 G10 G11 G12 Avg 2003-04 2004-05 0.857 0.857 0.897 0.852 1.000 1.000 0.910 2005-06 0.882 0.667 0.944 0.917 0.885 1.087 1.185 1.071 0.955 2006-07 0.667 1.133 0.833 0.765 0.864 0.913 0.920 0.781 0.767 0.849 2007-08 0.909 1.500 0.706 1.000 1.231 1.000 1.190 0.870 0.800 1.043 1.835 2008-09 3.429 1.600 3.333 1.583 1.600 1.438 1.368 1.200 1.500 1.300 1.125 1.771 2009-10 1.400 1.125 1.188 1.250 1.105 1.042 1.130 1.115 1.000 1.133 1.115 0.815 1.199 2010-11 2.000 1.036 1.148 1.211 1.560 1.190 1.120 1.000 1.000 1.067 0.853 0.862 1.171 2011-12 0.926 1.000 1.069 1.000 1.130 1.026 1.800 1.679 1.808 1.517 1.344 1.000 1.275 2012-13 1.136 1.240 1.091 1.000 0.968 1.385 1.125 1.000 1.085 1.085 1.159 0.744 1.085 2013-14 0.947 0.720 0.903 1.167 1.097 1.033 1.139 0.933 0.889 0.824 0.941 0.922 0.960 2014-15 4.833 1.389 1.556 1.321 1.179 1.471 1.710 1.268 1.238 1.450 1.286 0.917 1.635 2015-16 0.946 1.207 1.280 1.143 1.135 1.424 1.160 1.226 1.000 1.019 1.017 0.889 1.121 2016-17 1.000 1.029 0.714 1.000 1.031 1.119 1.064 0.983 0.969 0.904 0.981 0.915 0.976 2017-18 1.000 0.939 0.972 0.960 1.188 1.333 1.106 0.940 1.000 0.968 1.149 0.942 1.042 Averages 3-Yr Avg 0.982 1.058 0.989 1.034 1.118 1.292 1.110 1.050 0.990 0.964 1.049 0.915 1.180 5-Yr Avg 1.745 1.057 1.085 1.118 1.126 1.276 1.236 1.070 1.019 1.033 1.075 0.917 1.177 10-Yr Avg 1.762 1.128 1.325 1.163 1.199 1.246 1.272 1.134 1.149 1.127 1.097 0.890 1.300 14-Yr Avg 1.544 1.103 1.185 1.087 1.130 1.176 1.216 1.082 1.088 1.119 1.097 0.890 1.228 13 WESTLAKE ACADEMY TOTAL ENROLLMENT BY HOME DISTRICT (Totals include all Primary and Secondary Boundary students) 14 STUDENT GEO-CODING SPRING 2018 Geo-coding Results April 2018 Total Students Mapped 935 Inside Primary Boundary (Westlake) 276 Percentage In Westlake 29.5% Outside Primary Boundary 659 Percentage Outside 70.5% 15 STUDENT GEO-CODING SPRING 2018 Secondary Boundary 16 WESTLAKE HOUSING MARKET: PRE-OWNED HOME SALES •39 total resales in 2017 (+86% YoY) •During the current housing cycle (since 2011), Westlake has seen an average of 25 pre- owned homes per year •Westlake’s median resale sold price climbs to a record high in 2017 at $1.95 million (+34% vs. 2016) •Since 2011, the average Days on the Market (DOM) in the district has been 129 days; in 2017 the DOM was 167 days •DFW’s median resale sold price in 2017 was $259.9K (+8.3% YoY) 17 TOWN OF WESTLAKE GROWTH DRIVERS: ANNUAL NEW HOME ACTIVITY Since 2012, the Town of Westlake has averaged 22 new homes per year Over the past three years, the pace of closings has increased to 30 homes per year Start = Foundation started Closing = Occupied home 18 WESTLAKE TOP PRODUCING NEW HOME SUBDIVISIONS Rank Name Annual Starts 2Q17-1Q18 Annual Closings 2Q17-1Q18 Total Occupied Homes Total Developed Lots Left Total Future Lots Planed School District 1 Granada 17 16 25 59 0 Carroll 2 Vaquero 5 14 241 54 0 Keller 3 Entrada 5 0 0 10 181 Carroll 4 Carlyle Court 2 2 2 6 0 Carroll 5 Estates of Quail Hollow 1 0 0 95 0 Carroll 6 Terra Bella 1 1 17 11 0 Carroll 7 The Estates 0 1 12 0 0 Keller 19 WESTLAKE NEW HOME INVENTORY & LOT SUPPLY 115 new single-family (SF) residential lots delivered in Westlake during the past 12 months: Entrada (71 lots) Estates of Quail Hollow (44 lots) 266 vacant developed lots (VDL) remaining at the end of March 2018 29 lots under development as of March 2018 Entrada Ph. 2 56 future lots preliminary platted at The Knolls at Solana (Wilbow Development) Another 500+ future SF lots are planned plus 126 condo units at Entrada and 330 apartment units for Hillwood 20 WESTLAKE NEW HOME CLOSINGS FORECAST Town of Westlake new home market projected to produce an average of 53 homes per year through 2022 If all planned single-family developments are built, the Westlake housing market has the potential to climb to near 60-70 new homes per year from 2021-2027 Apartment and condo units projected to open in 2020 and be leased out by 2025 Current residential inventory (active and future combined) projected to be exhausted within next 15 years Historical Projected 21 PRIMARY BOUNDARY STUDENT YIELDS ANALYSIS (SF HOMES) Single-family homes in Westlake (Primary Boundary) are yielding an average of 0.50 students per home Subdivision Name Occupied Homes Total Students Students PHH Primary Years Students Middle Years Students Diploma Years Students Primary Students Per HH Middle Students Per HH Diploma Students Per HH Carlyle Court 2 0 0.00 0 0 0 0.00 0.00 0.00 Carpenter Addition 14 6 0.43 1 3 2 0.07 0.21 0.14 Cowgirl Ranch Estates 5 5 1.00 3 1 1 0.60 0.20 0.20 The Estates 12 10 0.83 6 3 1 0.50 0.25 0.08 Glenwyck Farms 80 62 0.78 24 28 10 0.30 0.35 0.13 Granada 25 15 0.60 13 2 0 0.52 0.08 0.00 Paigebrook 4 0 0.00 0 0 0 0.00 0.00 0.00 Stagecoach Hills Area 49 16 0.33 9 6 1 0.18 0.12 0.02 Stanton Addition 3 3 1.00 3 0 0 1.00 0.00 0.00 Stonehurst Addition 4 2 0.50 2 0 0 0.50 0.00 0.00 Terra Bella 17 12 0.71 8 4 0 0.47 0.24 0.00 Vaquero 241 99 0.41 48 36 15 0.20 0.15 0.06 Totals Average Totals 456 230 117 83 30 0.26 0.18 0.07 Average 0.50 22 PRIMARY BOUNDARY ENROLLMENT PROJECTIONS Projected Net Growth Low Scenario Moderate Scenario High Scenario 3-Year 88 99 114 5-Year 144 171 198 10-Year 270 340 413 10-Yr. Annual Avg.6.5%7.7%8.9% Historical Projected Residential growth in Westlake is projected to increase Primary boundary enrollment; therefore reducing the number of future students from the Secondary boundary 23 EXISTING SECONDARY BOUNDARY ENROLLMENT K-3rd 4th-5th 6th-12th Total 2017-18 120 62 364 546 2018-19 85 59 353 497 2019-20 54 66 323 443 2020-21 23 62 297 382 2021-22 0 54 271 325 2022-23 0 23 255 278 2023-24 0 0 226 226 2024-25 0 0 182 182 2025-26 0 0 144 144 2026-27 0 0 120 120 2027-28 0 0 85 85 546 students are currently enrolled from the Secondary boundary Actual 2017 2018P 2019P 2020P 2021P 2022P 2023P 2024P 2025P 2026P 2027P K-3rd Grade Capacity = 216 Primary Enrollment (K-3)101 120 135 156 162 169 172 174 174 173 172 Existing Secondary Enrollment (K-3)120 85 54 23 0 0 0 0 0 0 0 Combined Enrollment 221 205 189 179 162 169 172 174 174 173 172 Capacity Utilization 102%95%87%83%75%78%80%81%81%80%80% Space Remaining -5 11 27 37 54 47 44 42 42 43 44 4th-5th Grade Capacity = 120 Total Enrollment (4-5)58 61 63 70 85 105 110 116 120 123 123 Existing Secondary Enrollment (4-5)62 59 66 62 54 23 0 0 0 0 0 Combined Enrollment 120 120 129 132 139 128 110 116 120 123 123 Capacity Utilization 100%100%107%110%116%107%92%97%100%103%103% Space Remaining 0 0 -9 -12 -19 -8 10 4 0 -3 -3 6th-12th Grade Capacity = 600 Total Enrollment (6-12)149 155 167 181 200 205 236 262 295 319 353 Existing Secondary Enrollment (6-12)364 353 323 297 271 255 226 182 144 120 85 Combined Enrollment 513 508 490 478 471 460 462 444 439 439 438 Capacity Utilization 86%85%82%80%78%77%77%74%73%73%73% Space Remaining 87 92 110 122 129 140 138 156 161 161 162 Total Capacity = 936 Total Primary Enrollment (K-12)308 337 365 407 447 479 519 552 589 615 648 Existing Secondary Enrollment (K-12)546 497 443 382 325 278 226 182 144 120 85 Combined Enrollment 854 834 808 789 772 757 745 734 733 735 733 Capacity Utilization 91%89%86%84%82%81%80%78%78%79%78% Space Remaining 82 102 128 147 164 179 191 202 203 201 203 Westlake Academy Projected Fall Enrollment 24 ENROLLMENT PROJECTIONS VS. CAMPUS CAPACITY (Moderate Scenario) 25 IMPACT OF PRIMARY BOUNDARY ENROLLMENT GROWTH In order to stay under the current max capacity of 936 students, the number of students from the Secondary boundary will have to be gradually reduced over the next 10 years to offset the projected growth from the Primary boundary 26 WESTLAKE ACADEMY DEMOGRAPHICS UPDATE SPRING 2018 SUMMARY Town of Westlake’s total population is estimated to be 1,279 as of July 2017 (+28.9% since 2010) with a total of 388 households In 2017/18, a record 854 students are attending Westlake Academy 308 students in 2017/18 live in the Primary boundary Since the 2008/09 school year, the Primary boundary has typically produced 32% of overall enrollment (68% Secondary) The number of students from the Primary boundary has increased by 117 since 2008/09 Most Westlake Academy students live in Keller ISD (497 in 2017/18) Over the past 3 years, the Town of Westlake has averaged 30 new homes and 25 pre-owned home sales per year Westlake’s median new home price is currently $2.44 million (Median Resale = $1.95 mm) 266 vacant developed single-family lots were remaining as of March 2018 29 future lots were under development as of the end of 1Q18 56 future lots are planned in Westlake at The Knolls of Solana, plus 126 condos at Entrada, and 330 apartment units Westlake’s new home market projected to produce an average of 51 new homes per year over the next 3-4 years and possibly increase Single-family homes in Westlake are yielding an average of 0.50 students per home Under the moderate growth scenario, enrollment in the Primary boundary is expected to increase by 340 students over the next 10 years to 648 students With 546 Secondary boundary students already enrolled as of 2017/18, the number of students from the Secondary boundary will have to be gradually reduced over the next 5-10 years in order for total enrollment to remain under the current max capacity of 936 27 Copyright 2018 School District Strategies. Although School District Strategies (SDS) has used commercially reasonable efforts to obtain information from sources it believes to be reliable and accurate, SDS does not guarantee the accuracy or completeness of such information. Information presented in this report represents SDS’s estimates as of the date of the report and is subject to change without notice. This report is not intended as a recommendation or endorsement of any action taken by you or any third party in regard to the subject matter of this report or any other real estate activity. SDS WILL HAVE NO LIABILITY FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR SPECIAL DAMAGES, INCLUDING (BUT NOT LIMITED TO) LOST PROFITS, OR DIMINUTION IN VALUE OF YOUR BUSINESS OR PROPERTY, ARISING FROM OR RELATING TO SDS’S SERVICES HEREUNDER, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES AND WHETHER OR NOT SUCH DAMAGES ARE REASONABLE OR FORESEEABLE UNDER THE APPLICABLE CIRCUMSTANCES. SDS’S LIABILITY ON ANY CLAIM OF ANY KIND, INCLUDING NEGLIGENCE, FOR ANY LOSS OR DAMAGE ARISING OUT OF, CONNECTED WITH, OR RESULTING FROM THIS REPORT OR THE SERVICES PROVIDED BY SDS SHALL IN NO SINGLE CASE, OR IN THE AGGREGATE, EXCEED THE AMOUNTS ACTUALLY PAID TO SDS IN CONNECTION WITH THE REPORT. The following contingencies and limiting conditions are noted as fundamental assumptions that may affect the accuracy or validity of the analysis and conclusions set forth in this report. Specifically, the parties assume: that the Dallas/Fort Worth metropolitan area, the State of Texas, and the nation as a whole will not suffer any major economic shock during the time period of the forecast contained in this report; that general population levels will continue to increase at or above the rate forecast; that the public and third party sources of statistical data and estimates used in this analysis are accurate and complete in all material respects, and that such information is a reasonable resource for project planning purposes; the proposed real estate development projects described herein, when completed, will be designed, promoted, and managed in a manner that will have an impact on the local market that is reasonably consistent with other similar projects in the past; and that the recommendations set forth in this report will be acted upon within a reasonable period of time to preclude major changes in the factual conditions evaluated. 16980 Dallas Parkway Suite 101 Dallas, Texas 75248 www.schooldistrictstrategies.com