(CNN) The Trump Organization and Jared Kushner's family company plan to do business together on a Jersey Shore development known as Pier Village, The New York Times reported Saturday.

Kushner Companies plans to pay the Trump Organization to manage at least one hotel at the center of the development in Long Branch, the Times reported, citing people briefed on the talks.

The Trump Organization, currently being managed by President Donald Trump's two sons, and Kushner Companies have signed a letter of intent to work together on the hotel, according to the report. The Trump Organization also began managing a Kushner-owned hotel in Livingston, NJ, last year, people briefed on the matter told the Times.

CNN previously reported that Trump and Kushner retain financial interests in their respective businesses. The potential deal raises questions about potential conflicts of interest, legal experts told the Times.

A deal is not final, and the Kushners are not required by law to inform local officials -- who agreed to back the oceanfront development with $20 million in bonds -- of any deal, the Times said.

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