The Oswego Village Board recently approved a revolving loan and grant for a new pizzeria planned downtown.
The owner of the property at 5 S. Madison St., EJ Vision LLC, was already awarded $40,000 in village grant funding in early May for a “fast casual wood-fired” pizza place called Billy Bricks, which has several locations operating in the Chicago area.
The owner of Billy Bricks at the May 26 Oswego Village Board meeting was granted $232,716 in loan funding from the village and a $40,000 grant – separate from the earlier grant – to “help offset the high building material and construction costs that exist in the current market.”
The total financial assistance package totals $272,716 for the project. The incentive amount is based upon a total project budget of approximately $545,432 to convert the space to make it suitable for a restaurant, Oswego Economic Development Director Kevin Leighty told trustees.
“This is a significant undertaking,” Leighty said.
The project budget includes costs for architectural drawings, installation of a walk-in refrigeration unit, new HVAC and fire alarm systems and individual estimates for the carpentry, plumbing, electrical, flooring and concrete work, Leighty said.
Due to the extent of the work needed to convert the building to a functional restaurant space, the property owner EJ Vision LLC was approved for $40,000 in grant funding independently from Billy Bricks, he said.
EJ Vision has its own separate project budget that involves the installation of a grease trap, a new fire sprinkler and alarm monitoring system and various water and sewer service line upgrades to support the new building improvements. Those improvements are valued at approximately $130,000, Leighty said.
The loan approved by the board will have an interest rate of 3%, with a 10-year maturity date of July 1, 2036, according to village documents.
A complete review of the restaurateur’s financials and more was done, Leighty said.
“We feel comfortable supporting the loan request,” he said.
The grant request meets eligibility criteria as well, village officials said.
Trustee Jennifer Hughes remarked on the integrity of the overall building.
“Based on the improvements identified in the project budget, it appears the bones of the building are in good shape, and the improvements are really to convert the use of the building. We are not investing in a building that is in bad shape. It’s just that we need to convert the use to a more robust use,” Hughes said.
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Leighty agreed with her statement.
“That is correct. I would say in addition to that, (this is) modernizing the building. The building is in good physical shape, (this is) improving the functionality,” Leighty said.
Billy Bricks CEO Ric Gruber said he anticipates opening the restaurant in September or October at the latest.
In addition to the pizzeria, Gruber said a portion of the building will be designated for their sister brand Moo Joe’s Ice Cream parlor.
“We are actually building out two restaurants in one,” Gruber told trustees.
Linda Girardi is a freelance reporter for The Beacon-News.