Deadline for payment of property taxes without penalty to the city was yesterday.

The $97 million redevelopment project headed by Strathmore Development Co. would bring a theater, hotel and office and retail space to the area near the Grand River Avenue and Abbot Road intersection.

CADA Investment Group LLC, an affiliate of Strathmore, owns one parcel of property related to the project, at 100 W. Grand River Ave.

Five of the parcels owned by City Center II Project LLC, also a part of Strathmore, are located between 124 W. Grand River Ave., and 140 W. Grand River Ave., with another parcel on Evergreen Avenue.

Strathmore President Scott Chappelle said in an email the project has received all of the necessary financial commitments it needs for completion, and the company currently is working with the city to finalize intercreditor issues and the development agreement.

“We remain hopeful that (the city council) will conclude that the project will be extraordinarily beneficial for the local community,” he said.

Mayor Pro Tem Nathan Triplett said it is now up to Strathmore Development to present a feasible financial plan for the project, which has been in the works for more than 10 years.

“At this point, the ball is in the developer’s court,” he said. “I think the bottom line is the council has been very cautious and very deliberative. … I remain committed to that level of scrutiny.”

The project’s site plan is set to expire April 6, at which time a new site plan and special use permit would have to be submitted for review to the city, East Lansing Planning and Community Development Director Tim Dempsey said.

Dempsey said city officials currently are undertaking a “comprehensive review process” of the financial status of the project, ranging from examining funding sources to possible construction costs associated with City Center II.

Dempsey said the report will be ready to be presented to the city council within two to four weeks.

“Certainly, it’s a critical step to be able to have some of the questions that were lingering out there answered,” Dempsey said. “But there’s a lot of other questions that we’ll need to answer going forward.”

Throughout its more than decade-long history, the project has struggled with financial issues.

Seven properties associated with the project went into foreclosure in 2009 because of delinquent property taxes owed to the Ingham County Treasurer’s Office.

Currently, the project is up to date in terms of property taxes owed to the county, after more than $136,000 in delinquent property taxes associated with the project were paid in May 2011.

Ingham County Treasurer Eric Schertzing said although the taxes are up to date, the project’s financial history does not paint a rosy picture for the future.

“The history of tax payments doesn’t bode well for the capacity of the ownership interest,” he said. “Owing us money is not a good thing.”