The search for financing continues for developers Andrew Trasatt and John Leahy, who will now have until May to secure financing for their proposed downtown Oswego restaurant concept.
Oswego Village Board members recently approved an amendment to the purchase and sale agreement for the property at 63 W. Washington St. (Route 34), which will give developers an extension to secure financing. The board’s vote was unanimous.
Last May, the village board approved a purchase and sale agreement for the property with Trasatt. Under terms of that agreement, the village was to sell the property to Trasatt for $60,000 following a 90-day inspection period that expired Aug. 1.
The board amended the purchase and sale agreement, extending the inspection period until May 21, 2018.
The need to amend the purchase agreement is due to the village’s failed effort to secure a $649,000 loan to help finance the project from the Kendall County’s revolving economic development loan fund, according to a village memo. The Kendall County State’s Attorney’s Office issued an opinion in October that municipalities are not eligible to receive loan funds.
Trasatt and Leahy, owners of two successful Naperville restaurants – Potter’s Place and Jimmy’s Grill – said they are excited to continue to work with Oswego through the financing process and as they finalize their building plans.
In the event that the developers and/or the village fail to enter into a redevelopment agreement by May 21, the purchase and sale agreement will terminate and the village will remain the property owner.
The property – now the site of a vacant building – is owned by the village and most recently served as the office for the Oswego Chamber of Commerce.
Trasatt and Leahy have proposed demolishing the existing building on the property and constructing a 3,500-square-foot Potter's Place casual Mexican restaurant. Project plans call for the construction of a first-floor patio and a second-floor balcony, with parking in the rear.