Savoy backs part of developer's idea, but not all
SAVOY — At its recent study session, the board heard a proposal from Todd Raufeisen of Raufeisen Development, the developer of Marketplace at Savoy at the corner of Dunlap Avenue and Curtis Road. Progress of the corner has stalled, apparently due to restrictions in available lot sizes and traffic flow.
An Aldi grocery store plans to locate at the corner if the needed space is available. The location for the store has passed through Aldi corporate approval and would take about four months to build once construction begins.
Raufeisen proposed a two-part strategy to make the property more usable and appealing to buyers:
— To increase the land available, Raufeisen would like the village to create a third tax-increment finance district, which would encompass the property where the Plumbers and Pipefitters Local Union building currently stands at 1005 N. Dunlap Ave. The union is willing to negotiate the sale of the property.
— Raufeisen also proposed the village issue $6 million in general obligation bonds to buy additional property to combine with the current available land. The combination of the properties would allow the entire development to share a water retention area and create greater density and better traffic flow. The addition would also allow four lots, as opposed to three, to be developed, in addition to the Aldi.
Trustees were all in favor of creating the third district. However, they were very hesitant about issuing the $6 million in bonds. The village has never issued general obligation bonds.
"Six million dollars is a lot of money," Village Manager Richard Helton said.