City commissioners agreed to sign a contract with the consulting firm Springsted Inc. to study the feasibility of a tax increment financing plan for The Oread Inn project.

Commissioners agreed to an $11,000 study that will examine whether the proposed hotel project near 12th and Indiana streets will produce the necessary revenues to pay off TIF bonds that will help build parking and other infrastructure for the seven-story building.

The cost of the study will be paid for by the development group, which is led by members of Gene Fritzel Construction Co.

The study should be completed by the end of January, but it will not be done in time for a Jan. 8 meeting where commissioners are scheduled to debate rezoning issues related to the project.

That led commissioners Mike Amyx and Boog Highberger to request that the rezoning issues be delayed until the study is completed. Mayor Sue Hack said she likely would delay the item until after the study is completed, but took no formal action to do so at Thursday’s meeting.

Commissioners approved the study on a 4-0 vote. Commissioner Mike Dever was absent.