Urbana Mayor Diane Marlin is launching a process for the re-imagining of Lincoln Square, with a public input period planned for this spring.

The shuttered Urbana Landmark Hotel in downtown Urbana is up for auction. And the mayor of Urbana hopes a creative buyer can help transform the entire Lincoln Square area.

The city of Urbana said Monday that it has decided not to pursue a developer’s plan to reopen the Landmark Hotel after receiving a report showing most of the financial commitment would fall to the city.

Monday marks Urbana Mayor Laurel Prussing’s final day in office. The first woman to serve as the city's mayor will leave office after 12 years.  Diane Marlin will be sworn in to succeed her, after winning February’s Democratic primary and last month’s general election.

The Urbana City Council voted unanimously Monday night to continue talks towards a possible redevelopment agreement for a 94-year old downtown hotel. The latest revisions to the draft agreement for the Urbana Landmark Hotel include reducing the city’s post-construction bonds to help the project from $9.5 million down to $7 million.