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Oswego approves RDA amendment, offers $100,000 sales-tax incentive for Route 71 site
Summary
The board approved a first amendment to a redevelopment agreement and a ten-year economic incentive for HD 71 LLC to help cover underground stormwater and IDOT-related costs that threatened a Route 71 development; staff said the incentive helps capture roughly $55,000 per year that the village would otherwise forfeit.
Oswego, Ill. — The Village of Oswego Board of Trustees voted April 8 to approve a first amendment to a redevelopment agreement and to authorize an economic incentive agreement with HD 71 LLC for a small commercial development east of Illinois Route 71 at Washington Street.
What the board approved: The amendment extends permit deadlines to allow the developer additional time to secure IDOT permissions needed for utility work under Route 71 and authorizes an economic incentive capped at $100,000 over 10 years, structured as a rebate of state-shared sales taxes consistent with prior restaurant…
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