Village Administrator Derek Soderholm said developer George Kalkounos is funding the $8,000 study for the site at 1050 Route 14, where Five O’Clock Steakhouse used to be.
Kalkounos requested the business district to help facilitate the construction of the new facility, which would include a new vehicular entrance to the property farther northwest on Route 14.
If the business district is found to be feasible and is approved by the Village Board, an additional 1 percent sales tax would be applied to purchases made on the property and not affect any other businesses in the village.
The tax collected would be used to reimburse the developer for eligible expenses.
Kalkounos, the owner of Chicago Prime Steakhouse in Schaumburg, said he hopes to have the facility open by the end of the year.
Village officials have cited a lack of banquet facilities in the area as a plus for the project, and Kalkounos said he already is receiving interest from the public.
“Many, many people are interested in booking weddings,” Kalkounos said.
The planned facility could accommodate as many as three events at once, village officials said.
Village officials estimate the annual sales tax revenue to the village from the facility at $30,000.
While officials are focused on building the banquet hall, Soderholm said, they also hope the facility could lead to more development.
“At some point, there’s other room on the site to put in more retail or possibly restaurants,” he said.
Soderholm said the business study should be completed soon.