New London — With at least one interested developer in the wings, the city has just over two weeks to decide whether to purchase the Edgerton School property.

A pending contract for the city to buy the 3.3-acre abandoned property at 120 Cedar Grove for $350,000 from owner Peter Levine expires on March 16.

The City Council’s Finance Committee is expected to take up the sale on Monday and could decide to send it to a vote by the full council.

Pitched by Mayor Michael Passero as the ideal spot for a municipal community center, the parcel is in bank foreclosure.

Levine owes more than $54,000 in back taxes and a $17,000 lien for code violations, both of which would be paid by Levine at the time of closing, according to the agreement.

Passero has recommended partnering with an organization like the YMCA to develop a community center that the city does not have to pay to maintain.

He has said that even if the idea never materializes, there is a potential municipal use for the property.

The City Council had a mixed reaction when presented with the potential purchase in January.

Councilor John Satti said a community center was long overdue and the location was centrally located but voiced concern about costs potentially doubling because of remediation and demolition.

Councilor Anthony Nolan said he worried about buying a piece of land without a clear purpose since there are not any set plans for a community center.

Councilor Efrain Dominguez wondered if all families could afford membership at a community center.

Attorney Anthony Basilica, who represents Levine, confirmed Wednesday there are other interested parties in the property.

Despite what appeared to be a relisting of the property on Monday, he said the property was never taken off the market. Instead, he said, interested parties are notified that a contract is in place with the city.

Basilica said he would like the city to make a decision “sooner rather than later.”

U.S. Properties confirmed that the property was pulled off the market and inadvertendly relisted as available on Monday. They have since changed the property’s status to “sale pending.”

A development company, which also is planning a self-storage facility in Stonington, has made a tentative offer of $425,000 for the property.

Carl Bardy Jr., a principal with Stonington-based 595 Development, said he submitted a letter of intent dated Jan. 18 but was rebuffed by U.S. Properties while the city mulls its decision.

Bardy declined to reveal his plans for the property but the offer is contingent on confirmation by zoning and permitting for a warehouse-style commercial use.

“It’s a very benign use of the property and we would attempt to repurpose everything that is there,” Bardy said. “We would be taking this property and putting it back into use.”

The city stands to lose about $29,000 in annual taxes at the current assessed value if it buys the land.

Bardy said the property's assessment likely would increase under his plan.

He said he became aware that the property was relisted by U.S Properties on Monday and contacted them. He was told, Bardy said, to come back with his “highest and best offer.”

Levine, doing business as Colman Square Partners LLC, bought the property from the city for about $350,000 in 2010.

He has since sold off a small slice of land that contained a basketball court and included that piece with a plot of land he sold on Colman Street. It is the future site of O’Reilly Automotive.

g.smith@theday.com

Twitter: @SmittyDay