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The city is looking to hire a financial consultant to assist with the acquisition of a lot on the corner of Bangs Avenue and Bond Street, where a public parking garage would be constructed.

The city has been in negotiations to purchase the lot since June. It’s currently owned by Magyar Bank because its former owner and developer defaulted on a loan. The beginning stages of parking garage construction can be seen on the lot, which sits in the city’s central business district.

The council has been talking about purchasing the lot in executive session since June, although no details about negotiations have been released.

The city did make Magyar Bank an offer to purchase the lot after having a preliminary appraisal done, city manager Terence Reidy said yesterday, but the bank came back with a higher number.

The city is hiring the financial consultant to “drill down to get a better number,” Reidy said. “We’re in the final stages of this negotiation.”

Proposals from financial consultants are due to the city by Monday, Reidy said.

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