DETROIT — State lawmakers negotiating a bill package aimed at keeping the North American International Auto show at Detroit’s Cobo Convention Center are confident that a compromise will be reached by the end of the day Thursday, the Detroit Free Press reports, confirming a dispatch from Mayor Dave Bing’s Twitter feed from Wednesday night declaring: “A Cobo Hall deal is really close!”

The House version of the legislation calls for Detroit to retain ownership of Cobo but lease it to a regional authority for 30 years in exchange for more than $200 million in renovations to the facility.

The Senate bill package calls for Detroit to turn over ownership of the riverside convention center to a regional authority in exchange for $20 million and $288 million in renovations and expansions, a proposal that flopped in April when the Detroit City Council voted it down.

Senate and House lawmakers hope to finalize the Cobo package on Thursday evening before the legislature goes on a two-week summer recess on Friday.

The compromise will likely end in a lease agreement with the region and the city, according to Bing. He said five council members support the compromise and five votes are needed to gain city approval.