This 15.37-acre parcel, identified as Lot 223B within the Fieldstone Subdivision, offers a strategic development opportunity in the Village of Savoy. Zoned R-5 for high-density residential use, the property benefits from direct access via Ridge Creek Road and Summerbrook Drive and is adjacent to both established neighborhoods and a senior living facility. Utilities and drainage access are secured via Lot 223A, and the parcel is exempt from subdivision covenants, offering flexibility for planning. The property is currently under a farming lease through the 2025 crop year and is located within the Community Unit School District #4. Offered via online timed auction on July 30, 2025, subject to seller approval.
1. Auction Procedure
The property will be offered as a single tract in a virtual online auction format hosted at https://bid.hiattland.com/ui. Bidding will be available exclusively via the website on a dollar-per-acre basis. The final purchase price will be calculated by multiplying the successful per-acre bid by the total acreage of the tract.
2. Registration
All bidders must register online at https://bid.hiattland.com/ui no later than 8:00 AM CST on July 30, 2025. Registration requires completion of an online form which will be forwarded automatically to Hiatt Farmland Services for approval. The auction company reserves the right to request a letter of recommendation from a financial institution verifying that prospective bidders have sufficient funds available to cover the 10% deposit and the financial capacity to complete the purchase.
3. Acceptance of Bid Prices
The highest bid received will be subject to approval by the Seller. The successful high bidder will be required to enter into a Contract to Purchase immediately following the close of bidding. The Contract will be sent via DocuSign, email, or fax, and a signed copy must be returned and received by Hiatt Farmland Services by 12:00 PM CST on the designated contract return deadline (date to be provided). Failure to return the signed contract by the deadline may result in forfeiture of the deposit and auction cancellation for the bidder.
4. Down Payment
A 10% non-refundable down payment of the total contract purchase price is due within 24 hours of auction closing from the winning bidder. Payments may be made by wire transfer , personal check, business check, or cashier’s check. If the Seller does not approve the winning bidder, the down payment will be returned promptly. Payment shall be made to an escrow agent to be designated at a later date.
5. No Financing Contingency
By bidding, bidders acknowledge and agree that their bids are not contingent upon financing or any other conditions. All bids shall be final and binding upon the bidder.
6. Closing and Possession
The closing shall take place on or before 30 days following auction closing, at a date to be determined and communicated to the winning bidder. Possession of the property will be delivered at closing.
7. Title and Survey
The Seller will provide a proper deed conveying merchantable title free and clear of liens, along with a title insurance policy for the amount of the purchase price.
A survey will be conducted at the Seller’s expense if necessary to legally describe the property for transfer. The surveyed acreage, if conducted, will be used to calculate the final purchase price.
8. Real Estate Taxes and Assessments
The Seller will pay all real estate taxes and assessments due and payable for the 2024 calendar year (payable in 2025). The Seller will prorate all 2025 property taxes, which are due and payable in 2026, between the Seller and Buyer at closing.
9. Acreages
All acreage figures are approximate and have been derived from legal descriptions, Champaign County Assessor’s records, FSA records, and aerial mapping software. The acreage value used for bidding is:
Tract: 15.37 acres
10. Easements and Leases
The sale is subject to all existing easements. A copy of any applicable easement agreements is available with the listing materials.
11. Mineral Rights
The sale includes all mineral rights currently owned by the Seller, if any.
12. Disclaimer and Bidder Responsibility
The property is sold “AS IS, WHERE IS” without warranties or guarantees, either express or implied. Hiatt Farmland Services and the Seller make no representations regarding the condition or suitability of the property. All information provided is believed to be accurate but is subject to verification by bidders. Bidders are responsible for conducting their own due diligence, including inspections and inquiries prior to bidding.
Hiatt Farmland Services and the Seller reserve the right to reject any bidder whose credentials or fitness to bid is in question. Under no circumstances shall Hiatt Farmland Services or the Seller be liable for internet or technical failures affecting bidding.
13. Auction Conduct
The Seller and Hiatt Farmland Services reserve the right to control the pace and increments of bidding and to disqualify any bidder at their discretion.
14. Agency Disclosure
Hiatt Farmland Services and its representatives are exclusively agents of the Seller.
15. Seller Information
O & A Development Ltd
Contact Information
Hiatt Farmland Services
Email: russ@hiattland.com
Phone: 217-474-9354
Fax: 217-253-8646
Auction Website: https://bid.hiattland.com/ui
