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Plans for Oswego HomeGoods store gain Village Board approval · Kendall County News - Shaw Local

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  Speaker 1: Plans for Oswego Home Goods store gained village board approval.
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  Speaker 1: Written by Eric Shelkoff, this article is being read by
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  Speaker 1: an automated voice brought to you by Everlett. Plans for
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  Speaker 1: Home Goods to open a new home Decourse store in
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  Speaker 1: Oswego continue to move ahead. At their April twenty first meeting,
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  Speaker 1: Oswego Village Trustees unanimously approved the twenty five thousand square
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  Speaker 1: foot building proposed in the Prairie Market East shopping Center
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  Speaker 1: at the intersection of US Route thirty four and Fifth Street.
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  Speaker 1: The store will be built between PetSmart and Aldi in
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  Speaker 1: the shopping center. Plans are for the store to open
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  Speaker 1: by Christmas. During the meeting, village trustees approved an ordinance
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  Speaker 1: granting a major amendment to the Prairie Market East Planned
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  Speaker 1: Use Development to allow for the construction of the store
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  Speaker 1: and wall sign letters that exceed forty eight inches in height,
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  Speaker 1: subject to time engineering approval. Previous plans had called for
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  Speaker 1: a sixteen nine hundred and forty four square foot commercial building.
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  Speaker 1: The approved wall sign will have a letter height of
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  Speaker 1: seventy two inches. Village Trustee Rachelle Koenig thanked Home Goods
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  Speaker 1: for choosing to open a store in Oswego. This is
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  Speaker 1: a huge investment, she said. Village trustee Jennifer Hughes also
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  Speaker 1: expressed her enthusiasm for the project. We appreciate your confidence
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  Speaker 1: in the community to put down roots here, Hughes said.
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  Speaker 1: At the December ninth Oswego Village Board meeting, trustees unanimously
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  Speaker 1: approved a financial incentive agreement of up to one point
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  Speaker 1: five million dollars with the owners of the shopping center
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  Speaker 1: that would be paid over a maximum of fifteen years.
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  Speaker 1: The agreement will start once the store is built. An
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  Speaker 1: 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 Directctor 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 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 years,
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  Speaker 1: or a maximum of one point five million dollars, whichever
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  Speaker 1: comes first. This project is expected to produce a substantial
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  Speaker 1: amount of tax revenue, which would more than make up
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  Speaker 1: 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 for 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: refunded to the village after the third year, but before
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  Speaker 1: the fifth year of the agreement. Lady said