Construction could start as soon as August at 113 Main Street in downtown Oswego, where the former village hall site is expected to become the home to a new 3-story mixed-use building.
On Tuesday, village board members agreed to approve a redevelopment agreement with Imperial Investments LLC, which will bring life to the vacant site with a new restaurant, office space and possible rental units.
“We’re real excited to get this started,” said Mike Mann of Imperial.
Mann, an Oswego resident, is hoping to take the success Imperial’s developments have found in Yorkville and bring the same gusto to his home town. Imperial has been behind successful developments in Yorkville including Crusade Burger Bar and Belladonna.
Board members have said Imperial’s proposed site use fits well with the village’s plans for downtown entertainment and growth. The site, which sits inside a TIF district, has been awaiting redevelopment since 2008.
In 2017, the village began marketing the project and was approached by Imperial in Spring of 2018 when a purchase and sale agreement was approved pending the negotiations of RDA.
Under the RDA, the village will sell the $60,000 property to Imperial for $10. Oswego will also undertake “substantive public improvements” on the block to support the project. Board members anticipate that TIF revenue generated through the development of the block will be used to pay for public infrastructure, including constructing parking, installing water mains and service lines, sanitary service lines and the relocating of ComEd electric services.
Mann said the 19,000-square-foot building will cost Imperial about $3.1 million to complete. As part of the RDA, Imperial has agreed to construct a first-floor, sit-down restaurant of at least 3,000 square feet, and use at least 10,000 square feet for commercial or residential purposes.
Imperial has committed to constructing a sidewalk and other street scaping, as well as consent to the creation of a special service area which will generate revenue to pay for maintenance and other public improvements.
The RDA also states that financing for the project must be secured by June 17, 2019, and that construction begin by Aug. 1.
Trustee Joe West cast the only “no” vote for the RDA’s approval, voicing concerns over the transfer of the $60,000 property for $10.
“I like the idea, but it’s going to be hard for me to vote a positive on this not getting any type of help from you at the onset,” West said.
Mann pointed out that Imperial is investing $3.1 million into the project, and expects $80,000 in annual property taxes to be generated.
Trustee Ryan Kaufman and other board members, however, gave enthusiastic approval to the project.
“Thanks for being partner’s with us,” he told Mann. “Thanks for investing in Oswego. I couldn’t be happier.”