The iconic theme park closed last year due to financial struggles. It had been in operation for 94 years.
On Thursday, council members are expected to vote on a resolution that considers the park as an area in need of redevelopment.
If passed, the matter will then go to the city's planning board.
Icona Resorts, which owns the property, has pitched a multi-story hotel for the site.
The council's resolution does not endorse that project.
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