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Oswego panel agrees to pursue RDA amendment for Freddie's and to replenish downtown grant fund
Summary
The board gave staff direction to amend a redevelopment agreement so Freddie's Off the Chain can receive a previously approved $20,000 grant and signaled support to replenish the downtown economic incentive fund to about $100,000 for recruitment of tenants and facade/interior improvements.
Kevin, a staff member, briefed the board on the downtown Economic Development Authority (EDA) incentive program and recommended options after the grant fund ran nearly dry.
The village historically budgeted about $40,000 annually for downtown improvement grants, Kevin said. In recent years the program broadened from facade-only grants to allow interior improvements that improve building quality and TIF district value. For 2024 the village budgeted $80,000 but Kevin said only about $1,400 remains in the fund after approvals earlier this year.
Why it matters: Board members said replenishing the fund will help the village recruit tenants for multiple vacant downtown spaces. They also agreed staff should amend a redevelopment agreement so a previously approved grant to Freddie's Off the Chain remains eligible despite the business missing an original opening deadline.
Freddie's Off the Chain: Kevin told trustees that Freddie's had been…
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