Oswego Brewing Incentives Aimed At Drawing More New Businesses

OSWEGO, IL —The new Oswego Brewing Co., expected to open next month, will get a $30,000 incentive package from the Village of Oswego, which will also waive around $10,000 in permitting fees in the hopes of paving the way for additional new development in downtown Oswego. The village board approved an economic development incentive award for the brewery, which will open in the "basement" of Oswego's former fire station at 61 Main St., downstairs from Oswego Cyclery.

The incentive award is funded through a repurposing of the village's façade grant program, according to a press release from Oswego Economic Development Director Corinna Cole. The village expects to see a return on its investment in around two years through sales tax revenue from the brewery and tax increment financing (TIF) generated through increased property value on the site, Cole added.

Related: Oswego Brewing Company Set To Open In 2018

"The owners of the Oswego Brewing Company are making a significant investment in our downtown and we are excited to see this project come to life in our community," Village President Gail Johnson said in a statement. "This award is designed to align costs so that we achieve something extraordinary — a new kind of destination spot for residents and visitors to gather in our downtown."

Cole said the incentive package could serve as a pilot for how the village could offer incentives to other new businesses looking to open in downtown Oswego. Currently, the village offers a façade improvement grant for downtown businesses. But the program has limitations and cannot be used for certain important upgrades, such as water main and grease trap installation that are often barriers for new businesses.

Going forward, the village is considering a model based on industry best practices that would allow for flexibility in how Oswego attracts businesses that want to locate in the village, according to the village. Incentives could include awards for exterior or interior improvements, needed infrastructure upgrades and waivers of certain fees for new businesses that add to Oswego’s value as a destination. To be eligible, applicants would have to demonstrate significant private investment into the downtown as well as creditworthiness and other indicators that a new business would be successful for the long term, according to a press release.

“The goal is to develop a program that spurs further private investment in downtown Oswego, reduces risk to the Village, and responds to the needs of businesses to help attract the restaurants and attractions residents want,” Cole said.

“We’re really excited at Oswego Brewing Company to receive this economic incentive award,” Brewery Operations Manager Chris Heinen said. “The process was truly a joint venture. We have worked closely with the Village and are eager to finish our project and bring a spark to the downtown and hopefully create a unique destination for the residents and surrounding population.”

"Catering to beer lovers of all walks, the brewery will feature 4-5 house beers available year round," Oswego Brewing said. The business will also feature a rotating series of experimental beers.

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