While a deal over the St. James Hotel continues to be worked out between businessman Mark Peterson and the city of Selma, the hotel’s immediate goal is to be ready for the Bridge Crossing Jubilee on the first weekend of March.

During Thursday’s city council work session, Peterson asked the council to go along with $20,000 in credit for renovations. The money will be offset from the eventual purchase price.

The credit would be taken from the $1 million Peterson has pledged to invest in the hotel during his first three years of ownership.

“We’re approaching Jubilee, and we’d like to get the hotel in as good of shape as we possibly can,” Peterson said.

Work has already started in renovating multiple rooms.

Peterson and the city have been discussing him buying the historic hotel for $1.2 million.

Councilman Cecil Williamson said if that deal becomes official, the $20,000 to help for renovations should not be a problem.

“If you buy it for 1.2 [million], I will certainly think that we can give you the $20,000 credit to get to that amount that you would want to spend,” Williamson said.

Peterson said his personal preference is to buy the hotel outright, but discussions continue to over how feasible that is.

The deadline for Peterson and the city to ink out a contract is quickly approaching.

“The city council has to make a decision by March 15,” said Selma Mayor George Evans.

Peterson said short-term concern is making the St. James presentable for the Jubilee.

“It is the St. James, and we want it to look as great as we can when the nation comes here,” Peterson said.