The proposed multimillion dollar redevelopment project would bring a theater, hotel, restaurants, office and retail space to the area near the Grand River Avenue and Abbot Road intersection. It is being developed by City Center II Project LLC, an affiliate of Strathmore Development Co.

The presentation will center around a draft version of the comprehensive financing plan for the project, along with other related documents.

The documents then will be discussed by the council, although the documents are not up for approval, and future discussions might be scheduled to further examine the financing plan.

Strathmore President Scott Chappelle said in an email that the developer hopes to finalize any outstanding due diligence items needed to move the project forward.

“I would like to thank those people in our community that continue to support the project,” he said in the email. “The constant emails, letters and comments we receive (are) overwhelming and much appreciated.”

The draft documents estimate the project will cost $105 million, including more than $65 million in funds required to complete private development, about $18 million to build a parking structure and about $9 million to build a theater.

According to a draft version of the financial plan, the developer has obtained $50 million in private construction financing that will allow it to complete all private portions of the project and “contribute substantially to the public portions of the project.”

East Lansing Planning and Community Development Director Tim Dempsey said city officials want to explore the financing issue in further detail before moving forward with the project.

The draft version of the financing plan calls for the city to issue $20 million in bonds to cover its obligation for the project’s public space and a parking structure on Evergreen Avenue.

The city possibly could enter into a 60-day pre-development agreement to allow further analysis of the issue.

“We’re trying to determine, in a sense, what our obligation would be,” Dempsey said, noting the city still is exploring ramifications of taking on debt related to the project.

East Lansing Mayor Pro Tem Nathan Triplett echoed similar thoughts and said there are a lot of questions surrounding the project that need to be answered.

But Triplett said it’s positive that a plan is being presented.

“It’s far too early to rush to judgment,” he said. “I think that we need to take the time necessary to pore through these documents with a fine-tooth comb.”

If financing options related to the project don’t pan out, East Lansing resident Pat Wolf said officials will have to “go back to the drawing board” when examining the project.

“It seems to me that the project hasn’t really come to fruition yet,” he said. “It seems like it’s still something that’s pending.”