The agreement passed 5-2, with Councilmen Arthur Shealy and Jason Whinghter opposing.
The agreement is between the city of North Augusta and North Augusta Riverfront Co. LLC, the original developers of Hammond’s Ferry.
The agreement involves a more-than-25-acre site next to the Savannah River near the 13th Street bridge.
Developers would be required to build two 4,000-square-foot, multistory buildings that could house businesses such as restaurants, shops, a bed and breakfast and more, said Mayor Lark Jones.
The proposal also includes a Family Y building with a pool and privately developed single family homes.
As far as the city is concerned, the agreement includes building parts of the roads and contributing 25 percent toward the parking lot.
A park along the riverfront is also included, said Jones, noting that it could be likened to the Henry C. Chambers Waterfront Park in Beaufort, S.C., and the Battery & White Point Gardens in Charleston, S.C.
The city has authorized the design of the park. Funding is available but has not been allocated yet, he said.