A prospective anonymous buyer reportedly has plans to remove the vessel.
A city memo released this week shows that Urban Commons now has a plan to address Queen Mary repairs for an estimated cost of $5 to $7 million.
Funds generated though the campaign, called Project Royal Rivets, will be earmarked for specific restoration projects.
Eagle Hospitality, which is managed by Queen Mary operator Urban Commons, has seen its shares drop by more than 17 percent from its initial public offering on the Singapore Stock Exchange in May.
Mechanical engineering consultant Edward Pribonic has long raised concerns with the city over what he says are safety issues, deferred maintenance and long-term neglect of the Queen Mary.
Keisler said Urban Commons has pushed back the timeline as it works to navigate the complicated regulatory process, but the company has been clear that it intends to move forward with the project.
The city’s letter on Tuesday said Urban Commons has failed in its lease obligations to make several repairs to the historic ship.
The Royal Air Force is also holding a joint event with Long Beach-based Virgin Orbit aboard the Queen Mary.
Queen Mary inspection reports from April through June raise many safety concerns, particularly with the maze areas for the popular Dark Harbor Halloween event.
Christened at the John Brown Shipyard, King George V and Queen Mary launched the ship as a crowd of more than 250,000 spectators looked on.