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Upscale steak and fish restaurant plans to build in vacant space in downtown Oswego · Kendall County News - Shaw Local

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  Speaker 1: Upscale steak and fish restaurant plans to build in vacant
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  Speaker 1: space in downtown Oswego. Written by Eric Shelkopf. 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. An upscale fish and steak restaurant proposes to
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  Speaker 1: open in a long vacant space in the reserve at
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  Speaker 1: Hudson Crossing luxury apartment complex along Washington Street in downtown Oswego.
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  Speaker 1: The project is dependent on financial assistance from the village.
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  Speaker 1: Ellwood Steak and Fish House, which also has a restaurant
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  Speaker 1: on Sycamore Road in Decalb, proposes to take over the
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  Speaker 1: vacant corner space at the reserve at Hudson Crossing Building
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  Speaker 1: next to Tabletop Game Shop. At Tuesday's Oswego Village Board meeting,
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  Speaker 1: village trustees will consider with her to provide a up
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  Speaker 1: to three hundred and forty thousand dollars in direct financial
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  Speaker 1: assistance along with a three hundred thousand dollars loan at
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  Speaker 1: a three percent interest rate. Based on estimated project costs
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  Speaker 1: of one point one five million dollars. The retail tenant
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  Speaker 1: space at one eighty West Washington Street has been vacant
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  Speaker 1: since the Reserve at Hudson Crossing building was constructed and
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  Speaker 1: opened in twenty twenty one. The village had previously received
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  Speaker 1: plans from a full service pizza restaurant called Riot Pizza
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  Speaker 1: to take over the space, but the plans were abandoned
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  Speaker 1: in twenty twenty two. Oswego Economic Development Director Kevin Lady
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  Speaker 1: said in a memo. Since that time, there's been occasional
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  Speaker 1: interest in the space, but no deal has come to fruition,
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  Speaker 1: do mostly to the amount of work needed to build
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  Speaker 1: out a restaurant there. Village trustees last year raised the
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  Speaker 1: question of why the majority of the commercial space on
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  Speaker 1: the building's ground level remains vacant. The Shadeen Group built
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  Speaker 1: the first building and recently open reserve at Hudson Crossing's
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  Speaker 1: second building. Shodian Group president Dave Patzelt had said one
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  Speaker 1: of the big challenges is the upfront build out costs
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  Speaker 1: for a restaurant. This is a new building, so we're
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  Speaker 1: talking in the range of a one million dollars to
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  Speaker 1: a one point five million dollars to invest and build
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  Speaker 1: that out for the restaurateur. He said. Restoraraters have asked
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  Speaker 1: us to front that money. We ask for some guarantees
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  Speaker 1: to it, and we are unable to get the guarantees,
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  Speaker 1: so unfortunately we have to suffer the consequences of that decision,
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  Speaker 1: which is we don't have a tenant in there. We'd
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  Speaker 1: love to have a tenant in there, whether it's a
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  Speaker 1: restaurateur or another commercial user, retail user, office user, whatever
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  Speaker 1: it may be. We'd like a tenant in there. Village
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  Speaker 1: staff is recommending up to a three hundred forty thousand
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  Speaker 1: dollars incentive to be paid over a maximum of ten years.
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  Speaker 1: The total incentive will be comprised of a forty thousand
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  Speaker 1: dollars grant upon opening and up to three hundred thousand
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  Speaker 1: dollars in rebated sales taxes. Lady said. The applicant has
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  Speaker 1: also requested a waiver of village levied permit fees, which
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  Speaker 1: is s made it to range anywhere from eight thousand
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  Speaker 1: dollars to fifteen thousand dollars. Starting when the restaurant opens,
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  Speaker 1: the village will rebate fifty percent all sales taxes collected
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  Speaker 1: by the village for up to ten years or until
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  Speaker 1: a maximum of three hundred thousand dollars is incurred, whichever
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  Speaker 1: comes first. In addition, the village will provide an economic
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  Speaker 1: Development Incentive award in the amount of forty thousand dollars
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  Speaker 1: to be paid upon completion of the restaurant build out.
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  Speaker 1: Ellwood Steak and Fish House is projected to produce a
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  Speaker 1: substantial amount of tax revenue, which would help offset the
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  Speaker 1: financial impact of the incentive. Over the ten year incentive term,
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  Speaker 1: the restaurant is expected to generate anywhere from five hundred
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  Speaker 1: thousand dollars to one million dollars in total sales taxes,
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  Speaker 1: depending on sales performance. Lady said. Of this amount, the
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  Speaker 1: village would collect half during the incentive term, and then
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  Speaker 1: an estimated sixty five thousand dollars eighty thousand dollars annually
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  Speaker 1: thereafter based on reasonable sales projections.