The ordinance, sponsored by Friend, will be up for first reading April 28.
We're told the ordinance proposes funding the IU Med Center for $51.1 million.
$8.3 million of that would be used to acquire D-Patrick's downtown property.
The council is hoping to have the car dealership paid off by June 1.
Friend tells us there is a risk involved with passing this ordinance.
If the state chooses not to approve the deal, the city would be stuck with D-Patrick's property.
Friend says he remains optimistic about the deal because "the reward is so great."
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.