The city's executive committee will discuss the possibility of redevelopment in Chinatown on Tuesday.
The cost of a strategic redevelopment plan ranges from $2.5 to $8.1 million.
Downtown city councillor Scott McKeen says a plan is important because it will make sure businesses go in the right place.
McKeen also says there needs to be a plan in place before a decision is made on where to locate the Harbin Gate, the ornate archway at 102nd Avenue and 97th Street that must move because of LRT expansion.
“The gate is an issue for sooner rather than later,” McKeen said. “We’ve got to take it down for LRT construction... we don’t want to have that stored away somewhere for 10 years.”
Earlier this year, people in the Chinatown community called to move the gate to Jasper Avenue and 97th Street, where the first Chinese business in Edmonton was located 124 years ago.