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Grayslake trustees support $350,000 Goose Island incentive

Grayslake trustees agree that a $350,000 economic incentive would be worth it to bring a restaurant-pub to a vacant historic building in the village's downtown.

Village board members Tuesday night voted 6-0 for a tentative agreement that would benefit Mark Khayat and Pete Giannakakis, who plan to open the establishment possibly under the Goose Island Beer Co. banner. The proposed deal still must receive formal village board approval.

Trustee Shawn Vogel said the $350,000 would be a reimbursement to Khayat and Giannakakis, who didn't attend Tuesday's meeting. He said the incentive would not be paid until after certain standards were met for the plan, such as preserving the early 1900s-era structure and converting its second level into space for patrons.

If built, the restaurant-bar would be in a building that Giannakakis and Khayat bought covering 250 and 266 Center St.

Mayor Rhett Taylor said documents submitted with the village indicate the building would open with the Goose Island brand owned by Anheuser-Busch InBev or as an independent farm-to-table restaurant.

“I certainly recommend that this move forward,” Taylor said. “I think it's further investment in our downtown, adding yet another restaurant to the downtown area, and is maintaining a historic structure and bringing in business, which helps.”

Village projections show Grayslake would break even on the $350,000 incentive in five years, based on a combination of annual sales and property taxes generated from the venture. Village officials said at least $2.9 million in private investment would go into the project.

Trustee Elizabeth Davies said the return on the village's investment would occur in a reasonable time and might help boost property values in the residential neighborhoods within walking distance of a downtown that's gaining more dining and entertainment.

“This is just something that cements our downtown as a dining destination,” Davies said.

Plans call for the facility to seat a maximum of 233 guests on two levels. Documents submitted to the village by the restaurateurs show they plan to create about 30 full-time and 30 part-time jobs.

Khayat owns Austin's Saloon and Eatery in Libertyville, and his son-in-law, Giannakakis, has Anastasia's Restaurant and Sports Lounge operations in Antioch and Waukegan.

Grayslake approved an incentive package last year for an Italian steakhouse that Village Manager Mike Ellis said is expected to open later this month downtown at 127 and 129 Center St. The $200,000 package went to assist the Bowes family, which owns Emil's Tavern on Center in downtown Grayslake.

Goose Island pub coming to downtown Grayslake?

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