Village of Savoy purchases Cain Property

The Savoy village board passed an ordinance that approves a contract to purchase real estate located at 101 N. Dunlap Avenue in Savoy known as “Cain Property” which is on the corner of Dunlap Avenue and Church Street.

The village board negotiated and agreed to buy the property from the owner, Tiana Cain, at an amount of $325,000. The property currently houses Timeless Treasurers, an antique and memorable items store that has been located there for several years.

The village board has agreed to allow the Timeless Treasurers to remain as tenant at the current rental price of $1,600 a month through the month of October.

According to Village Manager Richard Helton, the funds for this purchase will come from the Old Town TIF Fund. Once the funds are approved a closing date the staff of the village board will work with Cain to set a closing date.

“We have been working on trying to acquire this property for a number of years,” Helton said. “One day Joan and I were talking about how maybe we could move this along or maybe get the interest on their part to move forward. She called her and within probably a month we got an interest back from them that they wanted to work with the village. So the mayor deserves some credit here on getting this thing done.”

As of yet nothing serious has been proposed in terms of what will be done with the property according to Village President Joan Dykstra.

“We do not have anybody right now proposing anything seriously,” Dykstra said. “We need to get the property ready for a developer to see the potential in it. At that point we are going to be updating our comprehensive plan. By the end of the summer we should have a pretty good idea of the comprehensive plan.”

Dykstra said she has been getting a lot of input from citizens and staff about what they would like to see for the newly obtained property.

“We are looking forward to getting as much input to go forward on the economic development of the village specifically that whole block,” Dykstra said. “One of the things that we would be looking at is a mixed use. For instance there could be some retail, there could be some housing or apartments above.”

Comments

Comments for this post are inactive.