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*New Restaurant and Entertainment Venue, ?Nash Vegas Saloon,? Proposed for Oswego?s Downtown*
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Oswego, Ill. - The Village of Oswego is excited to announce "Nash Vegas Saloon," which is proposed to occupy the former Oswego Brewing Company space at 61 Main Street. This innovative concept draws inspiration from the success of establishments like the honky-tonks found in Nashville, Tennessee, offering patrons a unique blend of food service, a full bar, live music, and line dancing.

The project, spearheaded by established restaurateurs, entails a substantial buildout of 61 Main Street valued at approximately $724,000. The scope of work encompasses interior demolition, bathroom remodeling, the installation of a brand-new kitchen, construction of a band stage and dance floor, and the creation of a new bar area. Furthermore, the project includes the purchase and installation of state- of-the-art equipment, ensuring a seamless and high-quality dining and entertainment experience for customers.

To support this ambitious endeavor, the applicant is seeking $340,000 in low-interest loan funding and $40,000 in grant funding from the Village. These funds will help offset the escalating costs of lending and building materials in the current market, facilitating the timely realization of the project's goals.

"The introduction of 'Nash Vegas Saloon' represents more than just a new business venture; it symbolizes our unwavering commitment to revitalizing Oswego's downtown," remarked Oswego Village President, Ryan Kauffman. "Initiatives like these not only enhance the local economy but also contribute to the vibrancy and cultural richness of our community."

The Village Board will evaluate the applicant's loan and grant requests at the upcoming March 18, 2024, Village Board of Trustees meeting. The request aligns with the criteria outlined for both the Revolving Loan Fund and the Economic Development Incentive Award programs. Notably, the requested funding falls within the prescribed limits and is earmarked for job creation and the substantial rehabilitation of a downtown building, thus exemplifying the program's core objectives.

Upon approval, the loan will feature favorable terms, including a 3% interest rate and a repayment term of 10 years. With a monthly payment estimated at approximately $3,283, the loan structure is designed to accommodate the applicant's financial needs while ensuring sustainable growth and prosperity.

For more information on the proposed project or the Revolving Loan Fund and Economic Development Incentive Award programs, please contact Economic Development Director Kevin Leighty at [email protected] or 630.551.2334.

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