The deadline to file an upset bid is Monday at 5 p.m.
Should no upset bid be submitted by the deadline, city council will determine at its Tuesday meeting whether to accept or decline the offer. Council meets at 5:15 p.m. at the Lloyd Andrews City Meeting Hall on Jackson Street.
The prospective buyers, Thomas and Evon McClean, made a $150,000 down payment to the city last week.
The McCleans intend to operate the venue to put on shows, develop it as a meeting place, develop it as an attraction and conduct internet gaming.
A qualifying higher bid is one that raises the existing offer to an amount not less than $3,150,000.
If the theater is sold, the proceeds will be deposited in a city account which will be determined at a later date, Scherer said.