PEORIA — Looks like the Great Peoria Portillo’s Saga of 2018 might have a happy ending after all.

A tentative deal appears to salvage hopes of constructing along Sterling Avenue an outlet of the Chicago-style fast-food giant, according to 4th District City Councilman Jim Montelongo.

The deal would preserve the 1 percent extra sales tax to be charged at Portillo’s. But the deal limits the amount of money the tax can provide developer Willie Torchia, upon whose land the restaurant is to be constructed.

The cap is $650,000, Montelongo said Tuesday night. Based on revenue projections of $6 million annually, it would take a little more than 10 years for that amount to be paid. More or less revenue would adjust that timetable accordingly.

The proposed Portillo's location is in Montelongo's district.

The original plan for a Portillo’s special service area was a 30-year tax term. Under the new plan, the tax ends if Torchia sells the property while it’s in effect.

“We thought this was a fair deal for Peoria, for the taxpayers,” Montelongo said.

A council hearing is expected Nov. 14, with a final vote likely to ensue.

The proposed Portillo's location is in Montelongo's district.

Montelongo said he spoke with nine of his council-voting colleagues, which include Mayor Jim Ardis. The plan has the support of the majority, Montelongo said.

An apparent lack of majority support last week for the original special-tax plan might have scuttled Portillo’s construction.

The chain known for its hot dogs and Italian beef and sausage sandwiches appeared not to be considering Peoria-area locations other than the one wedged between Northwoods and Westlake shopping centers.

City Manager Patrick Urich and his assistant, Chris Setti, negotiated with Torchia the past few days, according to Montelongo.

Portillo’s confirmed officially in October what had been rumored for months — that it was planning to open a Peoria location. That opening was contingent on council approval of the special tax.

The tax is to be charged only at that Portillo’s and is designed to help Torchia recoup his investment, which is reported to be about $5.5 million.

Once Portillo’s opens, annual sales are projected to be between $4 million and $8 million, according to Montelongo.

“It means so much for that area there,” he said about the effect Portillo’s might have on nearby businesses. “There’s going to be a lot more positive momentum, and I think business breeds more business.”

Nick Vlahos can be reached at 686-3285 or nvlahos@pjstar.com. Follow him on Twitter @VlahosNick.