A cross government team will be set up to evaluate any bids made on the old Summerland site.
The group will consist of representatives from the Departments of Community, Culture and Leisure, Infrastructure, Economic Development and Treasury.
It will be chaired by Infrastructure Minister David Cretney who says all tender submissions will be assessed on principles of ‘best financial consideration’.
The matter was raised by Onchan MHK Zac Hall in the House of Keys who wanted to know what criteria would be used to review the bids.
Mr Cretney says due regard will also be given to proposals that provide economic and social benefits such as guaranteed employment and enhanced leisure facilities.
Nominations open for Manx cultural hero awards
Passport and immigration public counters to temporarily close
Overnight delay means today's sailings will set off late
Fireworks displays to kick off with event tonight
Second night of police roadside car checks finds less defects
Society appeals for help about traditional gypsy caravans on the Island
Government issues bird flu warning after infected buzzard found
Will new UK law be brought in to protect Manx renters from mould?