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Plans for HomeGoods home decor store in Oswego moving ahead · Kendall County News - Shaw Local

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  Speaker 1: Plans for home goods home to Course store in Oswego
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  Speaker 1: moving ahead. Written by Eric Schlkoff a flip. This article
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  Speaker 1: is being read by an automated voice brought to you
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  Speaker 1: by Everlett. Oswego Planning and Zoning Commissioners next month will
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  Speaker 1: review plans for a home goods home to Core store
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  Speaker 1: proposed to be built in the Prairie Market East shopping
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  Speaker 1: Center at the intersection of US Route thirty four and
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  Speaker 1: Fifth Street. A public hearing is set to take place
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  Speaker 1: at seven pm April ninth at Oswego Village Hall, one
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  Speaker 1: hundred Parker's Mill, Oswego. Originally, the home goods store was
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  Speaker 1: to locate in the former Lows Garden Center in the
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  Speaker 1: Prairie Market shopping Center along US Route thirty four. However,
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  Speaker 1: those plans fell through. The store now is proposed to
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  Speaker 1: be built between PetSmart and Aldi in the Prairie Market
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  Speaker 1: East shopping Center. At the December ninth Oswego Village Board meeting,
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  Speaker 1: trustees unanimously approved a financial incentive agreement of up to
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  Speaker 1: one point five million dollars with the owners of the
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  Speaker 1: shopping center that would be paid over a maximum of
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  Speaker 1: fifteen years. The agreement will start once the store is built.
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  Speaker 1: An occupancy permit must be issued no later than July first,
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  Speaker 1: twenty twenty seven. This deal just does not work without
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  Speaker 1: some sort of assistance. Oswego Economic Development Director Kevin Lady
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  Speaker 1: told village trustees, with no financial assistance, with the amount
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  Speaker 1: of rent that Home Goods would pay, the developer would
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  Speaker 1: be lucky to break even on their construction loan and
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  Speaker 1: then subsequent mortgage. He also noted construction costs are high
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  Speaker 1: these days. Some construction costs are up as high as
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  Speaker 1: forty percent, some even more, Lady said. In addition to that,
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  Speaker 1: borrowing costs, as many people know, are at an all
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  Speaker 1: time high. Starting on the date of Home Goods's opening,
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  Speaker 1: the village will rebate one hundred percent of the municipal
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  Speaker 1: sales tax generated by the business for up to fifteen
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  Speaker 1: years or a maximum of one point five million dollars,
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  Speaker 1: whichever comes first. This project is expected to produce a
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  Speaker 1: substantial amount of tax revenue, which would more than make
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  Speaker 1: up for the proposed incentive. Lady said. During the incentive term,
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  Speaker 1: the project will continue to generate an average of one
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  Speaker 1: hundred and forty four thousand dollars annually in home rule
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  Speaker 1: sales taxes. After completion of the incentive, the project will
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  Speaker 1: generate a combined total of more than three hundred thousand
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  Speaker 1: dollars in annual sales taxes. Lady said that inclusive of
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  Speaker 1: the one point five million dollar incentive, the project is
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  Speaker 1: still anticipated to produce almost two million dollars per the
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  Speaker 1: village through twenty forty. If the store closes or relocates,
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  Speaker 1: they have to find a replacement tenant within two years,
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  Speaker 1: he said. If they don't do so, fifty percent of
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  Speaker 1: the incentive will have to be refunded to the village
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  Speaker 1: within three years of the agreement and twenty five percent
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  Speaker 1: reforms into the village after the third year, but before
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  Speaker 1: the fifth year of the agreement. Lady said, we wanted
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  Speaker 1: to give them ample time to find a replacement as
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  Speaker 1: we want to continue to generate that revenue coming in
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  Speaker 1: and additionally provide our residence with a place to shop.
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  Speaker 1: He said.