'A great idea': Proposed Des Plaines restaurant to get $350,000 incentive from the city

Entrepreneurs will get up to $350,000 in financial incentives from Des Plaines to open a new Korean-style restaurant downtown next year.

The city council on Monday agreed to give the owners of the proposed Galaxy Hot Pot restaurant, 1417 Ellinwood Ave., a $100,000 grant to help cover construction costs.

Aldermen also approved a sales-tax sharing deal that will see the city reimburse the owners up to $250,000 over five years.

The money will help pay off $780,000 in estimated construction expenses as well as staff training and marketing costs, said Emily Shaw, a management analyst for the city who worked on the deal.

The restaurant will occupy about 8,800 square feet on the ground floor of the Welkin Apartments building at Ellinwood and Graceland avenues. A spring 2024 opening is planned.

The spot is in the 2nd Ward, and Alderman Colt Moylan was enthusiastic Monday about Galaxy's pending arrival.

"I'm glad to see that there's going to be a large investment in a restaurant in our downtown," Moylan said. "We've been hearing that we needed that."

The business is owned by the same group that operates Hot Pot 757 restaurants in Virginia and originally was to use that name. But the team has decided to go with Galaxy Hot Pot as a new concept, a representative told the council.

Des Plaines assesses a 2% sales tax on restaurant purchases. Under the deal, half the city's share of sales tax from Galaxy Hot Pot - up to $250,000 - will be returned to the owners once it's collected from the state, officials said.

Eighth Ward Alderman Mike Charewicz called the financial package "a great idea."

Mayor Andrew Goczkowski said he expects the restaurant will be "a great addition to the downtown."