Negotiation began with the City of Urbana and theMarine Bank of Springfield, property owner of the former Historic Lincoln Hotel, 209 S. Broadway Ave., to come to an agreement on the acquisition and renovation of the hotel. This follows after Xiao Jin Yuan, local business owner, expressed interest in February.

Though the building’s local historic landmark status has not yet been officially determined, the redevelopment agreement that will be voted on Monday includes a section stating Yuan must submit a Registered Preference form supporting local landmark status within 21 days of the purchase.

Occupancy of the hotel should begin by Nov. 1, 2011, according to the agreement.

Yuan said he plans to be open before then.

“It’s going to be a long-term redevelopment project with probably an eight-to-10-year payback window, which to me, for a project like this in this part of downtown, is reasonable,” said Charlie Smyth, Ward 1.

City staff recommended Urbana City Council approval.

In addition, Mike Smeltzer, director of networking for CITES, will give an update on the status of the Big Broadband project, a fiber-optic broadband Internet project entailing a $22.5 million grant from the National Telecommunications and Information Administration. The project is targeted to improve Internet connectivity in communities around the country.

Also up for approval is the Annual Tax Levy Ordinance, which Smyth said is the end of the budgeting process for the year, a few tax levy abatements and an amendment to the City Code to include bulk users in the local motor fuel tax that took effect Oct. 1.