A vacant building in downtown Oswego will require substantial improvements before Billy Bricks Pizza and Moo Joe’s ice cream shop can open its doors.

The Oswego Village Board on May 26 approved a $232,716 revolving loan and a $40,000 economic development incentive award for Billy Bricks of Oswego LLC. The loan is for 10 years at a 3% interest rate.

The monthly payment will be approximately $2,247 per month for 120 months.

“It’s a pretty significant undertaking to convert it to a fully functional restaurant,” Oswego Economic Development Director Kevin Leighty said during the meeting.

“The project budget is comprised of costs for the design and construction of the buildout, which includes architectural drawings, installation of a walk-in refrigeration unit, new HVAC and fire alarm systems, and individual general contractor estimates for the carpentry, plumbing, electrical, flooring, and concrete work,” Leighty said.

The improvements are expected to cost approximately $545,432. Previous tenants in the building, at 5 S. Madison St., include Jinxy’s Studio Boutique, Dusty Road Merchants, The Garden Faire and Keith’s Car Care.

Village trustees previously approved a $40,000 economic development incentive award for EJ Vision LLC, which owns the property.

“EJ Vision LLC has its own separate project budget which will involve the installation of a grease trap, installation of a new fire sprinkler and alarm monitoring system, and various water and sewer service line upgrades to support the new building improvements,” Leighty said.

That project is expected to cost about $130,000.

Village trustee Jennifer Hughes asked how much it would cost to raze the building rather than pay for improvements to it.

“Between the cost for the landlord to do their portion of the project and then Billy Bricks’ contribution, we’re looking at a cost of about $675,000,” Leighty said. “The cost to demolish it and build a new building would be well over double that.”

Billy Bricks Pizza CEO Ric Gruber said he hopes the restaurant will be open by October.

The restaurant, which serves wood-fired pizza, will be located next door to Freddie’s Off the Chain restaurant and across Jefferson Street from the Oswego Public Library.

The restaurant will be open seven days a week.

The Oswego location will be the chain’s first southwest location. Billy Bricks Pizza has restaurants in several communities, including Naperville, Wheaton, Lombard, Oak Park and Highwood.

The restaurant also sells pasta dishes and other items. Along with inside seating, Billy Bricks will also feature an outdoor patio deck.

The building will also house Moo Joe’s ice cream store. Moo Joe’s sells super-premium ice cream made from a 14% butterfat mix, 35-40% overrun, cane sugar and small-farm Wisconsin milk.

“The right side of the building has a separate entrance for Moo Joe’s,” Gruber said. “So we’re actually building out two restaurants in one.”