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Oswego board approves loan and grant to support downtown Billy Bricks restaurant
Summary
The Village of Oswego approved an economic incentive package for Billy Bricks at 5 S. Madison St.: a staff‑recommended $40,000 grant and a $232,716 loan (10 years at 3%); trustees voted to adopt the ordinance after questioning about fund balances and timeline.
The Village of Oswego on May 26 approved an ordinance authorizing an economic incentive agreement to help fund a downtown restaurant tenant, Billy Bricks, after staff outlined the project’s costs and financing.
Economic director Kevin Letty presented the request, saying the applicant seeks the program’s maximum $40,000 grant plus a $232,716 loan. Letty said staff reviewed the business’ personal and business tax returns, pro forma sales estimates and other financials and recommended approval. He told the board the loan would run 10 years at a 3% interest rate and estimated the full project at about $545,432, with roughly $130,000 of that attributed to landlord work including fire sprinklers and a grease trap.
Why it matters: the package threads local economic development goals—bringing a permanent restaurant to downtown Oswego—while using village incentives and a revolving loan program intended to support small business redevelopment.
Trustees asked several financial and schedule questions. When a trustee queried how much would remain in the revolving loan fund after this loan, Letty said the fund balance “will be approximately … less than $10,000,” and added staff can make a loan from the general fund if necessary. Board members also confirmed the grant program requires prevailing wages for covered work.
Owner Rick Gruber Jr., introduced by staff to answer timeline questions, said the landlord has plans to start a 3–4 week phase of work for camera upgrades; once that finishes, Billy Bricks expects about a month of plumbing (when the floor will be opened) and then roughly eight to 12 weeks of remaining construction. Gruber said he is “hoping to be open by September or October the latest.” He also said the buildout includes a second tenant space for an ice‑cream brand and that the project will include an artist‑painted exterior and community‑oriented events.
The board moved to approve the ordinance authorizing the economic incentive agreement among the Village of Oswego, Billy Bridal of Oswego LLC, and EJ Vision LLC for 5 S. Madison St.; trustees approved the motion on roll call with recorded yes votes.
Next steps: the agreement authorizes the incentive; construction and permitting remain subject to landlord schedules, building permits and contractor timelines.
