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Board approves $20,000 amendment to Freddy’s incentive agreement; staff to review any additional funding requests
Summary
The board passed an ordinance amending Freddy’s Off the Chain’s original economic incentive agreement to reflect a $20,000 grant amendment; staff will assess any additional eligible expenses and return with recommendations.
The Village of Oswego approved a First Amendment to the economic incentive agreement for Freddy’s Off the Chain (Freddy’s Off the Chain Mexican Cuisine, Inc.), updating the original grant amount and adjusting the project timeline.
Why it matters: Freddy’s has been working with village staff toward a downtown opening for several years. The amendment recognizes a $20,000 grant portion of a larger incentive package tied to alley water main work and the village’s contribution to that public improvement. Trustees discussed whether additional funds were appropriate and asked staff to identify eligible expenses for a possible supplemental award.
What staff said: Kevin outlined that the original incentive agreement included $20,000 in grant funding to the business as part of a broader public works project (water main construction). Mona (Freddy’s owner) and staff had contributed to the alley water main construction: Mona contributed $25,000; the village’s share ultimately totaled about $52,000 due to higher actual costs. Staff recommended approval of the amendment for the $20,000 and offered to bring back a separate item evaluating additional funds if the board wished.
Board action: Trustees moved and seconded the ordinance approving the First Amendment to the economic incentive agreement between the Village of Oswego, Old Second Bank, and Freddy’s Off the Chain Mexican Cuisine, Inc. Roll call returned unanimous support among trustees present and the ordinance passed.
Clarifying details and next steps - Original incentive structure: $20,000 grant directly to Freddy’s plus village share for water main construction; project costs exceeded estimates and village contributed more than originally anticipated. - Mona has received temporary occupancy and remains scheduled to open; staff included a buffer moving the revised opening date to May 1 in case of setback. - Staff will evaluate whether additional expenses are eligible and, if so, bring back a separate recommendation to the board for any supplemental award.
Provenance: See meeting transcript excerpts in provenance.
Ending: With the amendment approved, Freddy’s will be eligible for the $20,000 grant and staff will follow up on any further eligible assistance for the downtown business.
