The Austin Port Authority will hold a public hearing Monday to consider entering a conditional purchase agreement with a Wisconsin firm to market the old Hy-Vee building and a piece of land on 18th Avenue Northwest for a restaurant and adjoining retail space.

The meeting will be held at 4:30 p.m. at the Austin City Council chambers.

If approved, Slaby and Associates of Verona, Wisconsin, according to the proposed agreement, would market the building and what is known as the Farmer’s Market lot for $800,000.

As part of the proposed agreement, there will be an inspection and due diligence period that extends to the end of the year, during which time Slaby and Associates will have either successfully marketed the 52,000-square-foot building for tenants — which has to include an anchor store — or it will withdraw from the agreement.

The Port Authority would reserve a piece of land south of the building. It would pay the insurance on the building during the due diligence period.

The building at that point would still fall under a contractual requirement that says Hy-Vee must demolish the building. The company would have until Feb. 1, 2018, to complete the demolition. Should Slaby exercise purchase of the property, Hy-Vee would still contribute $200,000 toward the project’s proceeds, according to an amendment to an agreement with Hy-Vee.

The Farmer’s Market lot, located on 18th Avenue Northwest between O’Reilly Auto Parts and the Hy-Vee gas station, would have to include a “fast casual” or sit-down restaurant encompassing about 4,200 square feet, and a strip of retail space that has a total of about 7,000 square feet.