Rosemont will give the owners of Moretti's $500,000 over the next four years to help pay for improvements of a new restaurant at a Higgins Road strip mall.
They'll get the first $200,000 if they open by July 1, 2016, and if at least $1.5 million is spent on improvements to the restaurant space at 9515-9519 W. Higgins Road, according to an agreement approved Wednesday by the village board.
Village officials announced plans for the new restaurant last year, with an opening targeted for 2015. But Ala Carte Entertainment, Moretti's owners, has been busy opening other restaurants, including Rosie's Rivers Edge Tavern just blocks away at 9501 W. Devon Ave.
After Ala Carte receives the initial $200,000, the Schaumburg-based restaurant management firm will get $100,000 in each of the next three years on the anniversary of Moretti's opening.
The money will be paid through a tax increment financing district fund, which is a collection of property tax money earmarked for public and private improvements rather than for local governments.
Mayor Brad Stephens said the restaurant will be a good use for the site, and once it's finally open and operating, it'll "pay back in spades" tax revenues for the village.
Ala Carte's preliminary plans call for a one-level restaurant inside storefronts that formerly housed Abruzzi Restaurant & Lounge, a hair salon and day spa. A building addition and patio is planned for the west side of the strip mall. The estimated cost is $1.8 million.
The architect's plans must be submitted to the village by the end of the year. Ala Carte must also seek zoning variations for the project.
Ala Carte purchased the Higgins Road strip mall from the village for $3.4 million in August 2014. It houses the Donald E. Stephens Museum of Hummels and Rosemont Chamber of Commerce, among other businesses.
Rosie's Rivers Edge Tavern opened on the first floor of the village hall building in August.
"They're a good landlord for the chamber and a good tenant here," Stephens said.