Savoy approves private partner for plan to create new downtown area
Apr. 19—SAVOY — Local officials are looking to create something new in Savoy: a downtown.
The village board has approved a resolution designating Downtown Development Group LLC as Savoy's partner on the project.
"Our goal is to create kind of a downtown," said Village President John Brown. "Savoy's always kind of lacked that and a place where community members can gather, with some businesses there. So this project will start that process."
The proposed site is on about 3 acres the village owns at the northwest corner of U.S. 45/Dunlap Avenue and Church Street. The proposal from Downtown Development Group came after the village issued a "Request for An Expression of Interest" in hopes of finding a partner to redevelop the land.
Downtown Development is led by President and CEO Marissa Siero and COO and Vice President Kyle Kirchhoefer.
Siero is also the associate director of entrepreneurship programming at the University of Illinois' Technology Entrepreneur Center, and Kirchhoefer is the CEO of Rector Solar and Roofing. Both live in Savoy.
According to Siero, their proposal is made up of five mixed-use buildings, a town center, pedestrian paths and parking facilities.
"Each building will offer a blend of commercial and residential spaces, contributing to a vibrant micro-urban environment," she said. "Our goal is to create a new downtown that has all the benefits of a new build yet has the feeling as if it has always been there."
Brown said that while Savoy has plans for the eventual development of all four corners at Church and U.S. 45/Dunlap, the partnership with Downtown Development pertains only to the village-owned property at the northwest corner.
The village plans to tackle its plans in phases, starting with the land it owns.
"I've been on the village board since 2005, and this has been a goal of the village for many years to develop that area," Brown said. "As opportunity came along, the village bought up portions of that property with the hopes of developing it."
In discussing the proposed public-private partnership, he said the village created a new tax-increment-financing district at the site. As the area develops, Savoy will be able to use these funds to reimburse the developer for expenses such as demolition of existing structures.
When asked how soon demolition might start, Village Administrator Christopher Walton said it will still be some months.
"The general plan is once (the resolution) is approved that staff will work with the developer to provide a presentation to the board sometime within the first quarter of the fiscal year so the board has an opportunity to provide some additional input," he told trustees. "And then they will have, as is noted in the resolution, the requisite amount of time to provide the appropriate plans. So I would not anticipate anything within the next six to eight months."
Per the approved resolution, Savoy will begin negotiations with Downtown Development Group upon receipt of certain documents, including design engineering plans, timelines and a complete itemization of costs.
The developer is expected to provide these items within six months. Once they are received, the two parties would begin to negotiate a redevelopment agreement.
However, if the developer fails to "adequately provide" these items, the village reserves the right to reassign the project to another partner, officials wrote.
Siero said Downtown Development Group will be working with community members and local business owners as it drafts a final plan. To date, the group's has conducted five focus groups and a survey that garnered 300 responses.
The group can be contacted at or via its Facebook page.
"We recognize that the future downtown is not merely a construction project, but an embodiment of the community's shared vision," Siero said. "We will continue to embrace the community feedback in building a downtown area that the village can be proud of for generations to come."
