The Oswego Village Board has given approval to a financial assistance package intended to support the opening of a new upscale fish and steak restaurant in the downtown district.
Details of the Financial Support
During a recent meeting, the board voted in favor of providing a $150,000 incentive package to the prospective restaurant, which plans to occupy a location on Main Street. The financial aid will be distributed through a combination of grants and loans, according to village officials.
The package includes a $100,000 grant and a $50,000 forgivable loan, both aimed at assisting with renovation and startup costs. The restaurant is expected to bring a new dining option to the area, focusing on premium seafood and steak offerings.
Expected Impact on Downtown Oswego
Village officials stated that the new establishment is anticipated to enhance the downtown dining scene and contribute to the local economy. The restaurant is projected to create approximately 30 jobs, both full-time and part-time, upon opening.
“This is the type of business we want to see in our downtown,” said Village President Ryan Kauffman during the meeting. He added that the restaurant is expected to attract both residents and visitors, supporting other businesses in the area.
Terms and Conditions of the Package
The $50,000 loan portion of the package is structured to be forgiven if the restaurant remains in operation for at least five years, according to the agreement. The grant and loan funds are designated for use on building improvements, equipment purchases, and other eligible startup expenses.
Village staff noted that the financial assistance is in line with Oswego’s ongoing efforts to revitalize its downtown and encourage new business development. The board’s approval follows a review of the restaurant’s business plan and projected economic impact.
Next Steps for the Project
The restaurant’s owners are expected to begin renovations in the coming months, with an opening date yet to be announced. The location on Main Street was previously occupied by another restaurant, which closed earlier this year.
More information about the board’s decision and the financial aid package can be found at this link.
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