A proposed memorandum of understanding with Samson Developers would give the company headed by David Doss 120 days to pay $400,000 for half of the 4.4 acres between Barron Stadium and the Oostanaula River.
Once the sale is closed, the company would get an 18 month option on the remaining 2.2 acres for $1.4 million.
The City Commission picked Samson Developers in December 2011 to redevelop the property with a full-service hotel, but a binding agreement has yet to be signed.
The MOU calls for a five-story structure with 105 to 120 rooms, on a par with a Marriott Courtyard or Hilton Garden Inn. The hotel would be built atop a parking deck, so its first floor is level with the levee.
Phase II, on the other half of the property, would be a three-story condominium building with 28 units and “development of limited amount of office/multi-family residences” as described in Samson’s original proposal.
The city paid $1.8 million for three of the West Third Street parcels housing the former Dempsey Auction Co., a glass business and Just Sports and Tennis.
Also on the agenda are the approval of promissory notes connected with the properties and a closed session to discuss property matters.
The former Rome-Floyd Parks and Recreation Authority headquarters also is part of the deal.
The board caucuses at 5 p.m. and starts its regular meeting at 6:30 p.m. in City Hall, 601 Broad St. Both sessions are open to the public.