The Oswego Village Board recently approved economic development incentives for two groups under new provisions of a financial award program designed to enhance the downtown business district.
Tri-County Insurance and the Oswego Area Chamber of Commerce were each awarded $5,000 to help with costs associated with replacing old asphalt driveways and parking lots.
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Both applicants approached the village last spring, but due to the nature of the projects, they were deemed ineligible for funding, Oswego Economic Development Director Kevin Leighty said in a report to trustees.
The new guidelines allow for external-related improvements such as parking lots, officials said.
“In July, the Village Board adopted revised eligibility and program criteria for the Economic Development Incentive Award program which permitted certain maintenance-related improvements to be funded,” Leighty said.
The maximum amount of the award for such projects is $5,000 under the program.
Tri-County Insurance, at 44 Monroe St., presented an overall project budget of $11,683, while the Oswego Area Chamber of Commerce, at 25 E. Jackson St., presented an overall project budget of $14,950.
The two properties are located within the downtown Tax Increment Financing District.
“While the specific improvements will have a minimal impact on the property’s equalized assessed value, it will have a positive effect on the overall appearance of a property in the downtown TIF,” Leighty said.
Leighty said the program’s revisions seemed to have “opened the floodgates” since last summer.
The village program had a $15,837 balance prior to the two awards.
Linda Girardi is a freelance reporter for The Beacon-News.