It obtained the 122 acres adjacent to the Rainy River and Falls Country Club in a deal with the Donahue family trust in 2009.
Director of Economic and Community Development Shawn Mason says some ideas have been floated already, including a suggestion the city do nothing and sell it off.
The city's holding a series of public meeting to gather input, the first of which was held Wednesday night.
The next takes place at the AmericInn September 25.