Troy's City Council approved the project proposal at a meeting Monday night, though it removed an office building from consideration.Mayor Matt Pryor told GlobeSt.com that the next step is for city representatives to meet with potential developers to gauge interest in developing the site as outlined above, with the objective of obtaining letters of intent. Assuming the letters of intent are received by developers and approved by city council, an election will be held in November asking the resident voters if they will approve of the sale of property.

Nearby property owners, including Liberty Property Trust and Marriott, will be asked to submit intent letters, said Doug Smith, director of real estate for the city.While private developers will provide most of the funding, the city is asking the state for up to $50 million in assistance for the project. Oakland County has already promised $1 million, said city officials. Troy is paying $690,000 for infrastructure, and the Downtown Development Authority is putting in $9 million.

Once funding is secured, the city will go out for a formal request for proposals. A long-term lease will also be considered for the property. It's unclear whether the city would hold an election in the case of a lease.

Pryor said he wants to bring up the office building again at the council's next meeting Feb. 17. "I think we're going to see after we talk to developers, there has to be a cash cow - something that will make money on the project," Pryor said.The project would be built along Big Beaver Road, one of the most dense and profitable markets for office facilities.