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Construction underway on HomeGoods store in Oswego · Kendall County News - Shaw Local

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  Construction underway on Home Good store in Oswego. Written by Eric Shellkopf.
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  This article is being read by an automated voice, brought to you
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  by Everlett. Construction has started on a home goods store in the
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  Prairie Market East Shopping Center, at the intersection of U.S. Route 34
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  and 5th Street in Oswego
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  The 25,000 square foot store is being built between PetSmart and Aldi
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  in the shopping center HomeGoods is known for its home decor, furniture,
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  rugs, mirrors, and more at heavily discounted prices. Oswego Village trustees
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  in December unanimously approved a financial incentive agreement of up to 1.5
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  million with the owners of the shopping center, that would be paid
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  over a maximum of 15 years. The agreement will start once the
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  store is built. An occupancy permit must be issued no later than
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  july first, twenty twenty seven. This deal just does not work without
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  some sort of assistance. Oswego Economic Development Director Kevin Lady told Village
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  Trustees. With no financial assistance, with the amount of rent that HomeGoods
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  would pay, the developer would be lucky to break even on their
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  construction loan and the subsequent mortgage. He also noted construction costs are
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  high these days. Some construction costs are up as high as forty
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  percent. Some even more, Lady said. In addition to that, borrowing costs,
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  as many people know, are at an all time high. Starting on
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  the date of Home Goods opening, the village will rebate one hundred
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  percent of the municipal sales tax generate by the business for up
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  to fifteen years or a maximum of one point five million dollars,
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  whichever comes first. The project is projected to produce a substantial amount
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  of tax revenue, which would more than make up for the proposed
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  incentive, Lady said. During the
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  incentive term, the project will continue to generate an average of 144,000
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  annually in home rule sales taxes. After completion of the incentive, the
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  project will generate a combined total of more than 300,000 in annual
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  sales taxes. Lady said, if the store closes or relocates, the shopping
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  center will have to find a replacement tenant within two years. If
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  they don't do so, fifty percent of the incentive will have to
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  be refunded to the village within three years of the agreement, and
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  twenty five percent refunded to the village after the third year, but
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  before the fifth year of the agreement, he said.