The city redevelopment authority said Thursday the developer of the proposed hotel downtown should finalize its financing agreements before the bond issue set to fund the city’s new parking garage expires.

“The good news is, it looks like the pieces are coming into place,” authority solicitor Don Graham said at the board meeting.

Graham offered a tentative schedule for the next couple weeks, saying NexTier Bank and developer J.S. Capitol are expected to close on the loans Sept. 9.

That would allow the city to award contracts for its neighboring proposed parking garage the next day and close its bond issue sometime after that, Graham said.

The city is waiting for J.S. Capitol to finalize its loans and other agreements for the structure before it will move forward with its proposed parking garage.

The redevelopment authority last week agreed to a new partnership agreement with J.S. Capitol on the 76-room hotel, but the developer must still finalize that deal and close on three loans with its banks, including a $3.4 million construction loan and a $900,000 tax-increment financing loan with NexTier.

“From the redevelopment authority and hotel developer side, it looks like all the financing pieces are in place to move forward,” said Graham.

The city must sell its bonds to pay for the construction of the hotel by Sept. 14 or they will expire.

The city has expressed concerns for the past couple weeks that the developer would not finalize the agreements in time for the city to move forward with its project.

Authority Executive Director Art Cordwell said it seems like all the parties involved are aware of the deadlines and should be able to finalize everything on time.

“I don’t see anything that would hold us up,” he said.

The redevelopment authority is set to own 25 percent of the Marriott Springhill Suites hotel.

The city will own the neighboring parking garage, which is expected to cost about $5 million.

The city has maintained it can’t commit to the garage until it knows for certain J.S. Capitol will build the hotel because the hotel will be the primary tenant of the garage — guaranteeing to pay for at least 50 spaces each night.

Mayor Tom Donaldson said he wasn’t sure what the timeline will be going forward.

“If the project is meant to happen, it’ll happen,” he said.

The garage and the hotel would join the new Rite Aid as part of the Centre City project. The three buildings would sit in the block surrounded by South Main, East Jefferson, East Cunningham and South McKean streets.

The city authorized itself to spend up to $7 million through a bond issue for the garage. However, the city budgeted about $1.8 million of that bond to pay off the parking authority’s existing debt. It also will spend $311,000 on the West New Castle bridge replacement project, which is under construction.