TO: Finance Committee
FROM: Dustin Anderson, Director of Community Development
SUBJECT:
title
Contract Amendment with Borderless Studios for Work Associated with the Choice Neighborhood Initiative Grant
end
BACKGROUND:
The City of Joliet - in partnership with the Housing Authority of Joliet - was awarded a $500,000 grant from the United States Department of Housing and Urban Development (HUD) to improve the Bicentennial Bluffs neighborhood generally along the three pillars of the grant focus of people, housing, and neighborhood vitality.
After a rigorous evaluation of potential planning partners, the City awarded a contract to Borderless Studios at their April 15, 2025 Council meeting in the amount of $308,880.
One element of a complete deliverable mandated by HUD for this project is a housing market study.
This study will produce a market analysis as well as a market strategy that will highlight:
? An evaluation of the strengths and weaknesses of the area.
? Projections for the number of households in the Planning Area in the short term and long term.
? Calculation of the balance of supply and demand for both rental and for-sale housing in the market area.
? Suggestions for suitable housing products for the Planning Area and any submarkets identified within the Planning Area. Suggestions should address target market structure types, unit sizes, appropriate mix of bedrooms, features and amenities, and rental and sales prices.
? Suggestions for suitable non-residential products for the Planning Area and any submarkets identified within the Planning Area. Suggestions should address unmet needs for which a commercially viable market exists and the existence or need to develop suitable real estate products to meet these needs.
? Quantification of future demand for all market segments over a defined time horizon (5 to 15 years) for non-residential square footage and number of housing units by housing type. All findings and recommendations should inco...
Click here for full text