The City Council voted unanimously on Monday to continue a hearing on the matter at its May 9 meeting.
Planning officials have recommended the council deny the request in accordance with municipal code requirements. They also said granting the request could place the city at financial risk.
Less than half of the 270-condominium project has been completed since its initial break-ground date in 2005, a result of the economic recession and cash flow constraints.
On Monday, developers Galleria Station, LLC conceded that an alternative proposal that would relieve bonding requirements by placing a deed restriction on the property might be the only way out.
But the developer prefers simply removing the bond obligation in order to avoid having to essentially revisit the entitlement process that permits construction.
Mayor Geno Martini said he was willing to do what it takes to help the developers without jeopardizing the city’s own welfare and interests.
Councilman Ron Smith echoed this sentiment.
“We don’t want to lose you,” he said.
In a letter to the council, developers said they have spent more than $33,000 in premium payments on the bonds, which include site work and landscaping obligations.
Developers have indicated that the remaining elements of the project are not likely to be finished for several years because of the fiscal straits in which they find themselves.