By the end of the day, Ottawa residents should know whether the city will move forward with a proposal to redevelop Lansdowne Park into what a group of local developers hopes will be a 'people place' bustling with activity year-round.

Councillors are debating the Lansdowne Live proposal put forward by the Ottawa Sports and Entertainment Group on Monday. It's poised to be a long session, riddled with motions to amend the current proposal.

"I think we're going to be here until midnight tonight," Coun. Jan Harder told CTV Ottawa at midday.

As it stands, the $250-million proposal includes building a new stadium and incorporating retail and commercial space at the park, including a hotel and movie theatre. The plan also includes green space.

One of the businessmen behind the bid appeared before city council Monday morning to clarify some of the details associated with the project, including finances.

"This is a city facility -- that we are going to maintain it; that we are going to have a reserve fund; that we are responsible for the reserve fund; that we are responsible for the operating costs. This isn't our building and the city is sharing in the revenues from the retail development that it's not putting any money into," said Roger Greenberg.

Some city councillors challenged the financial aspects of the plan though, asking how the city would benefit from the deal.

"Here the city is making an investment of $113 million into a major facility, which will contribute to profit flow of your organization, should the city not have a return on that investment?" asked Coun. Alex Cullen.

However, the city's auditor general says financially, the Lansdowne Live plan will work.

"If the numbers that we have in the report stay the same, the financial plan can work," said Alain Lalonde.

When it comes to concerns about sole-sourcing the project, he says the process was transparent. However, he can't say whether the plan is good value for taxpayers.

"In the public world, this is how you achieve value for money is through competitive process. You put one against the other and see how it varies; you may achieve value for money in sole-source approach. I would be of the opinion that you're not sure of that because you don't have the benefit of competing proposals and competing approach," he said.

Several councillors have already indicated they plan to approve the project.

"I think this is going to be an outstanding Lansdowne," said Harder, who gives the project an eight out of 10 ranking.

Thirteen votes are needed in order for Lansdowne Live to get the go-ahead. Council is expected to make a final decision tonight.

With a report from CTV Ottawa's Vanessa Lee