Oswego trustees have authorized approval of a loan and a development incentive grant for a new restaurant and entertainment venue aiming to open in the village’s downtown.
The loan will come through the village’s revolving loan program. It was developed to build a “stronger economic base” and expand job opportunities in the village, while the economic development incentive grant program was created to assist in property improvements that will enhance Oswego’s downtown business district, Oswego Economic Development Director Kevin Leighty said in a report to trustees.
The economic development incentive grants initially were designed to help pay for facade improvements. However, the program has since evolved to allow for interior modifications to improve the integrity of a building, Leighty said.“It began with $185,000 and it has since grown to more than $450,000, mostly through interest and investment income,” Leighty said.“We have never had a default,” Leighty said.Leighty said both the loan program and the incentive grant are match-based.