The Gebbie Foundation will decide whether to meet the $200,000 price tag for four parcels of city land at Third and Washington streets for the site of a possible hotel.
The Jamestown Planning Board and the City Council on Tuesday agreed on the price, and extending the purchase option to the Gebbie Foundation's development arm, the Center City Development Corp.
Thomas Cardman, executive director of the foundation, praised the city Wednesday for being "very straightforward" in its negotiations for the land, which includes a bus turnaround.
Once the Center City Development Corp. has the property, the agency will decide developer status for the hotel.
Two firms, one headed by Dunkirk's Previn "Jay" Patel, and R&D Construction Management of Buffalo, have expressed interest in developing the hotel.
Steven Centi, Jamestown's director of development, said Tuesday the price for the property was determined by a local appraiser.
During Tuesday's meeting of the Council, lawmakers approved new fee schedules for the use of Russell E. Diethrick Jr. Park and the Allen Park Ice Rink. Council President Michael Mistretta said the fee changes will take effect at different times, with some taking effect next Thursday.
Mistretta estimated the increase should bring another $10,000 to $15,000 in revenue to the city.
Lawmakers also approved a $250,000 Local Development Corp. loan to Ultrasonic Precision Products.
The new company is being formed by the merger of CAE Ultrasonics and Falconer Electronics. Centi said the company will be located at CAE's current location at 9 N. Main St. He added owner Roger Hall is retaining all current employees, and hopes to add about 60 jobs over the next five years.