LEWISTON – A lease-purchase deal for the Androscoggin Bank Colisee could be settled next month, according to City Administrator Jim Bennett.

Bennett said the city is negotiating with two buyers to end the city’s ownership of the ice arena. He hopes to wrap up negotiations soon.

“We’d need to bring something to the council and have them vote on it by the end of April and leave room for a 60-day transition period to make this work this year,” Bennett said.

He would not say who the city is negotiating with.

A deal with either would mean much less city spending in the coming year, he said. His proposed budget for fiscal 2009 calls for $488,000 in Colisee spending – including a $125,000 balloon payment this year to former owner Roger Theriault.

“I can say it would mean a reduction in the budget of six figures – $100,000 at a minimum, based on where these negotiations have been going,” Bennett said.

The city began looking for potential buyers in May 2007, but received only one offer before a June 29 deadline. Two other parties sounded interested after the deadline, however.

The city has owned the former Central Maine Civic Center since February 2004 when it agreed to take on $4.2 million in debt and management of the center, including day-to-day operations and repairs.

Councilors gave the Colisee $650,000 in 2007 to cover two years worth of operational losses at the ice rink. That’s on top of $3.2 million worth of building and equipment upgrades since the city took over.

Improvements included a $2 million facade and building addition, and interior work in 2005; and a new ice resurfacer, a portable stage, an improved compressor, boiler repairs and bathroom upgrades in 2006. The city owes $5.7 million for the Colisee and improvements.