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NIAGARA FALLS - City lawmakers on Thursday will consider approving a deal over back taxes and a challenged assessment with One Niagara LLC, the owners of the former “flashcube” building at 360 Rainbow Blvd.

A proposed deal between the city and the property owner had been floated near the end of July that would call for the company to pay $1.6 million to the city to cover back taxes, interest and penalties. Issues with property taxes, its assessment and site plan compliance have plagued the relationship between the two parties for years.

The City Council, typically on recess for the month of August, has called a special meeting for 4 p.m. in Council Chambers in City Hall, 745 Main St. The proposed settlement is among 10 agenda items for the meeting.