When Balaban’s restaurant closed earlier this year, the city’s epicurean set mourned the loss of a culinary institution.

Now, the Central West End staple has found cause to entertain again, at least for one night. On June 27, Balaban’s will take a brief hiatus from its dormant status to host a fundraiser benefiting Mayor Francis Slay’s campaign coffers.

As gossip diva Deb Peterson reported earlier, a crew of Slay loyalists — including 28th Ward regulars lobbyist Lou Hamilton, developer Pete Rothschild and Alderman Lyda Krewson – arranged to open up their old stomping grounds to fete the mayor.

But for those hoping to bring back some of the old Balaban’s magic, prepare to pay the price — tickets are $500 for a couple, and that’s just for drinks and hors d’oeuvres.

At this early point in his re-election bid, Slay has demonstrated a mirthful creativity in choosing locations for his fundraisers. Last month, Slay held an event at the Chaifetz Arena, St. Louis University’s new basketball stadium.

But his breezy choice of venues belies a firm political reality: Slay is raising bucket loads of cash, making it increasingly unlikely that he’ll face serious opposition in 2009.

Of course, if Balaban’s can open again, I guess anything’s possible.