The city is expected to partner with the Mohawks of Akwesasne on development opportunities along the waterfront.
Mayor Bob Kilger said it was likely he would get the thumbs up from council to sign a memorandum of understanding (MoU) from Akwesasne Monday night.
It would be first formal step as the city considers buying federally-owned land along the north shore of the St. Lawrence River.
Kilger cautioned the process is "very early on" as the scope of the land acquisitions could be "quite costly."
City council has expressed interest in opening the mostly bush land -- the area west of Lamoureux Park to the dam -- to development.
Some councillors noted that private investment would be needed.
The MoU, signed by Akwesasne Grand Chief Mike Mitchell, showed a willingness to capitalize on the concept.
"(Cornwall and Akwesasne) have expertise, experience and resources that can possibly be shared to support this partnership for the benefit of our communities and our people's future," said one of the MoU's clauses.
In the past, Mitchell said his First Nations government has a strong interest in the properties as the land is part of the natives' North Shore Claim, dating back 225 years.
The MoU notes the city and Akwesasne recognize "the respective rights and claims of the Parties."
Coun. Mark MacDonald categorized the MoU before Monday's meeting as "a giant move forward and (an issue) that council doesn't fully grasp."
MacDonald said the wording indicates there would be a "joint and equal ownership" of the lands.
The MoU proposes that each government create special committees, both separate and equal, of the grand chief or mayor, another elected official, one technical advisor and a member of the public.
They would meet this month to discuss economic development, tourism, environment, historic/cultural and other items.
Kilger said discussions could lead to "negotiations" although he did not elaborate that step in the process.
The MoU could be terminated with 30 days of notice to the other party.