TROY — Mayor Patrick Madden has proposed giving 1 Monument Square to a city economic development agency to oversee the fifth attempt to develop the 1.1-acre Hudson River site in the middle of downtown.

Republican City Council members, however, claim that handing off that power to the Troy Local Development Corp., an entity that Madden controls, would be the end of public transparency for the project.

Madden’s proposal to declare the former City Hall site to be surplus and give it to the LDC goes to the City Council on Thursday night, when it's part of the monthly Finance Committee agenda.

It’s the first time in four months that the city has taken any public action on 1 Monument Square. In July, the city announced the Hoboken Brownstone Company had declared its intention to invest at least $30 million in a mixed-use project of retail, apartments and offices on the riverfront site.

Council President Carmella Mantello, a Republican, refused to sponsor the Democratic mayor’s proposed ordinance, leaving it to Democratic Councilman Anasha Cummings of the 4th Council District to introduce the measure. Democrats currently hold a 5-2 majority on the council.

“Essentially, it’s putting it in the mayor’s appointees’ hands," Mantello said Monday. "What type of accountability do the residents of Troy get from this transfer?”

Since the former City Hall was demolished in 2011 by then-Mayor Harry Tutunjian to clear the site for redevelopment, residents and downtown businesses failed to embrace the first four proposed projects, all of which failed to move forward. Complaints have ranged from the proposals not fitting in architecturally with the Victorian downtown streetscape and downtown parking issues to lack of Riverfront Park access and the type of housing envisioned. Others were annoyed by the failure to solicit community involvement until after a proposal reaches the Planning Commission for review.

This time around, Madden’s administration went through a lengthy process to get insights from residents and business owners about what they wanted built at the site. The mayor issued a statement Monday after unveiling his proposal to move control of the site to the five-member LDC board, which includes two members of his staff, a Democratic councilman and two business owners — all mayoral appointees.

“Successful redevelopment of this downtown property will be enhanced through a robust partnership between the City of Troy, the Troy Local Development Corporation and developer Hoboken Brownstone Company,” Madden said. “This collaborative approach between local government, private sector, and economic development agencies provides the flexibility for City and Hoboken Brownstone to design, secure financing, plan for infrastructure improvements, and obtain necessary approvals from City Planning to advance this large-scale waterfront redevelopment project."

Republican Councilman Jim Gulli of the 1st District said there are many unanswered questions about the proposed process the mayor wants to follow.

“I understand the procedure, but I don’t like giving up the control, especially on an area that’s this important,” Gulli said.

Mantello said any transparency for the project would pass “under dark clouds” if the LDC takes charge.

Cummings, whose council district includes 1 Monument Square, said he was undecided about the transfer to the LDC. He said the issue of the property sale would have to be resolved, and suggested that instead of cash perhaps the city would consider a bigger investment in public amenities by Hoboken Brownstone.

“So far, I’ve been pleased with the way it’s being done,” Cummings said of the latest development outline.

The Planning Commission review and approval of the project would provide a way of guaranteeing that what the public wants is included in the final plans, Cummings said.

Madden’s administration said the development would still be subject to public review.

“The transfer of the property does not impact the required approval process or diminish involvement of local government. We are working to honor the community’s input and contributions to the project,” said John Salka, Madden's spokesman.

“Each development project is different and contains its own unique challenges and inherent risks," he said. "The city was impressed with Hoboken Brownstone Company's track record and success with similar waterfront development projects."

Transferring the property to the LDC would probably mean that the economic development entity would keep any money obtained from selling the site to Hoboken, Gulli said. The mayor’s office has not responded to questions about this.

The previous would-be developer for the site, a subsidiary of Bow Tie Cinemas, agreed to purchase the property from the city for $600,000. In 2017, Bow Tie announced plans to build a $22.7 million movie theater complex with 11 screens.

That project met the same fate as three earlier efforts:

In 2011, Nigro Companies and its partners proposed a $31.5 million project for low-income renters rather than market rate residences;

In 2013, Judge Development Corp. proposed a $50 million plan for market-rate housing;

And in 2014, Kirchhoff Companies proposed a $27 million project.

The City Council holds its Finance Committee meeting at 6 p.m. Thursday at City Hall, at 433 River St.