City Center II would bring a theater, hotel, restaurants as well as office and retail space to the area near the Grand River Avenue and Abbot Road intersection.

Strathmore President Scott Chappelle presented a draft version of a detailed financing plan to the council during a special session Tuesday night before its meeting.

Draft documents of the comprehensive financing plan presented to the council estimate the project would cost $105 million.

Chappelle told council at the meeting that the additional documents would be ready for review by city staff by Friday.

Some council members advocated for the approval of a predevelopment agreement prior to council’s decision to hold an additional meeting. The agreement would give the city 60 days to further examine the project and the draft documents.

If a pre-development agreement is approved, demolition for the project would have to start before April 6, the date the project’s site plan and special use permit are set to expire.

“To not extend a 60-day review period where we could craft an agreement would be an opportunity lost for us as a community,” Councilmember Kevin Beard said during the special meeting.

But other council members weren’t sold on the idea of making another commitment to City Center II.

Councilmember Don Power expressed concern prior to the council’s decision, specifically given East Lansing’s budget struggles.

“I’m not interested in an extension of time (for the project),” he said during the meeting. “I won’t negotiate from that kind of a position.”

Documents show the developer recently obtained $50 million in private construction financing for the project, and the Michigan Economic Development Corporation also has indicated a willingness to commit $7 million in additional financing. Chappelle told the council the private construction financing was delivered by a large investment bank.

“They know what they’re doing and they’re very serious,” Chappelle told council during the meeting.