A decision on whether the city will fund a new parking garage should be made by the end of the year.

City council will discuss a bond issue that would pay for the 225-lot garage at its monthly meeting Thursday, according to Mayor Maggie Stock.

It will be the first of two required public readings for the proposal. The second reading would be at council’s next meeting Dec. 19, at which time a final vote will be made.

The proposed bond issue would refinance the estimated $3.5 million garage with the city parking authority’s current debt.

Council has discussed the bond at previous meetings, estimating the roughly $4.5 million bond would span about 25 years and add an additional $160,000 per year to what the parking authority currently pays on its debt.

The city would use additional revenue from the parking garage to pay for the difference.

In September the city paired up with PNC Bank to get a credit rating to move forward in the process.

The parking garage is part of the Centre City project, which also will bring a new 80-room Marriott Springhill Suites hotel and Rite Aid pharmacy downtown.

Art Cordwell, the director of the city redevelopment authority, said the bond issue would allow the city to pay off the parking authority’s current debts first before moving on to the garage.

Construction on both the hotel and pharmacy is expected to begin in January, according to Cordwell.

Before that can begin, there are some other smaller aspects of the site that need to be worked out, including the demolition of the Sons of Italy building where the Rite Aid will be built.

Cordwell expects that to begin in December.

“It’s starting to come together,” he said. “We’re trying to get all the bits and pieces worked out.”