"I think that might be the best bet," he said.
Councilman Marc Weintraub, an East End Democrat, thinks offering creative financing is an "excellent idea."
"The Urban Renewal Authority should apply that concept to a lot of its property around the city," Weintraub said.
However, Weintraub thinks creative financing is just one piece of the puzzle.
"No matter what, the first thing you have to do is find a developer," he said. "And then you have to find out what type of incentives they would need."
East End Executive Director Ric Cavender believes it is time for the city to consider creative financing for a property that has been vacant for too long.
Jones, Weintraub and Cavender all believe offering the piece of property at a reduced rate is the city's best shot at landing a grocery store for the East End.
"That's the largest piece of land CURA owns on the East End," Cavender said. "It would take a collaborative effort among property owners to get it done on another piece of property."
"But that's not to say that wouldn't happen," he added.
However, Edwards believes the piece of land is too small to support even a small, independently owned grocery store. That's because the property isn't large enough for a store and a parking lot, he said.
"Grocery stores are one of the most parking-intensive uses in a city," Edwards said.