Savoy board looking at new TIF district
The Savoy Village Board could give approval on Wednesday night to beginning the process of creating a tax increment financing district which could help with a proposed development project.
The board will vote on hiring the law firm Evans, Froehlich, Beth and Chamley of Champaign to assist in creating the TIF district. Village Manager Dick Helton said that process will take anywhere from 90 to 120 days.
The board heard a presentation last week from Developer Todd Raufeisen on proposed plans for the corner of Curtis Road and Dunlap Avenue which could include an Aldi grocery store and a strip center. Raufeisen is looking for incentives for the project, and to get those incentives Helton said Raufeisen wouldn't be able to begin construction until the TIF district is created. And then, any funding for the project would need approval from the village board.
Raufeisen is also in the process of purchasing the Plumbers and Pipefitters Local 49 property just south of the CVS Pharmacy which opened in early 2013.
The Village Board meets Wednesday at 7 p.m. at the Savoy Municipal Center.