AUBURN -- An Oswego developer is expected to close on the Renaissance Festival business and grounds this week with the green light for an incentive package granted Tuesday.

The Cayuga County Industrial Development Agency board unanimously approved a deal that includes a payment in lieu of taxes agreement and other exemptions. Oswego-based Ontario Realty plans to continue running the 30-year-old festival and expand programming on the grounds in the town of Sterling during the off-season.

The IDA had an information meeting and public hearing in Sterling this month.

"Several individuals spoke in favor of the project," said Carol Contiguglia, vice chairman of the IDA board. "I think in essence you can characterize the hearing as positive."

Ontario is owned by Douglas Waterbury, who is credited with turning around the Santa's Workshop theme park near Lake Placid. IDA board member Herb Marshall added an amendment to the incentive package stipulating the festival would need to maintain the current payroll of 338 employees to be eligible for benefits.

"That seems to be a very important factor in granting these tax benefits," said Marshall to the board's consensus.

The business plan actually calls for the addition of jobs. Waterbury indicated he would like to add more seasonal festivals to the tourism draw, such as an Oktoberfest event in fall and an ecologically conscious "green" gathering in spring.