Preston — The Preston Redevelopment Agency has received a final draft of the proposed purchase and sale agreement between the town and the Mohegan Tribal Gaming Authority for the tribe's proposed $200 million to $600 million development of the former Norwich Hospital property in town, but is not yet ready to vote and release the 150-page document.

The agreement has been in the hands of town and tribal attorneys, who have been holding closed-door meetings for the past several weeks, ironing out technical language and final adjustments, town officials have said as they delayed scheduling planned public informational meetings and a town meeting and referendum.

On Wednesday, the PRA reviewed the final draft in executive session. Chairman Sean Nugent said before the PRA votes on the proposed agreement, the agency first wants to brief the Board of Finance in executive session on the “financial components” of the agreement. The PRA then would vote on the agreement and forward it to the Board of Selectmen to schedule public meetings and the referendum needed to approve it.

First Selectman Robert Congdon said Wednesday afternoon that he had not yet seen the final draft document, although he has been involved in the negotiations for the past several months. Congdon said the financial components to be discussed with the Board of Finance could include property tax structuring for development on the property, repayment of the $2 million environmental cleanup loan from the state — which could be converted into a grant if the project meets development goals set by the state — and the repayment of the town's nearly $1 million in unpaid outstanding legal bills from past reviews of the failed proposed Utopia Studios project.

The Board of Finance meeting was not scheduled as of Wednesday evening, board Chairman Norman Gauthier said.

The Mohegan Tribal Gaming Authority and town officials announced last May that they had reached an agreement for the tribe to take over ownership and development of the entire 393-acre former Norwich Hospital property. The two parties quickly reached agreement on a 12-page memorandum of understanding that outlined a proposed five-year development period that would start as soon as the town completed the final environmental cleanup of the property, estimated to take one year.

The initial agreement called for reaching a final Property Disposition and Development Agreement by Nov. 19, but that date was extended to Feb. 19, and that date passed with officials saying the final deal was close and only needed technical adjustments.

Tribal leaders unveiled a conceptual master development plan Jan. 17, showing a marina on the Thames River, a 40-acre theme park, indoor water park, outdoor adventure park, synthetic skiing facility, a large sports-themed retail store, hotels, a sports training complex, senior housing, time-share units and a public riverfront park.

The state Bond Commission on Feb. 1 approved a $10 million grant to Preston to complete the environmental cleanup. But after that action, progress seemed to stall as town officials postponed tentative schedules for public informational meetings, a town meeting and referendum to approve the agreement.

Congdon said town officials would work “as fast as possible” to present the document to residents for review.

c.bessette@theday.com