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Board approves amended redevelopment and economic incentive agreement for Route 71 corner after developer requests help for underground detention and IDOT work
Summary
Trustees approved an amendment to extend permit deadlines and a 10‑year, percentage‑based economic incentive of up to $100,000 to help cover site‑specific costs (stormwater and IDOT right‑of‑way work) for a planned drive‑through development at Route 71 and Washington Street.
The Village of Oswego approved April 8 an amended redevelopment agreement and an economic incentive agreement with HD71 LLC (developer represented in the meeting as Duncan) to help make a proposed commercial development on the southeast corner of Illinois Route 71 and Washington Street financially viable.
Village staff said the developer encountered site‑specific complications — notably an underground stormwater detention requirement and traffic/utility work in Illinois Department of Transportation (IDOT) right‑of‑way — that increased project costs. The board approved up to $100,000 in incentives structured as a percentage rebate of state‑shared sales taxes over up to 10 years, with a front‑loaded repayment schedule that ramps down over the contract term.
Planning staff told the board that IDOT permission…
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