Tonight a much-debated $10-million plan to revitalize downtown sections of the Thames River faces a watershed moment at London city hall.

On the agenda at tonight's strategic priorities and policy committee is a discussion about whether or not to include elements of the Back to the River project in the city's strategic plan.

A vote against could cut Back to the River out of London's next three-year budget, which will begin to take shape later this year.

Billed as a signature civic works project, Back to the River includes plans to revitalize a five-kilometre stretch of the river radiating out from the forks north to Oxford Street, through the SoHo neighbourhood and west to Springbank Dam.

'It's a big vision'

The plan is backed by the London Community Foundation. CEO Martha Powell says it will provide a crucial first step in re-connecting London — Dundas Place in particular — to the Thames River.

"It's not just about a pretty river, it's about affordable housing and economic spin-off," she said. "It's a big vision and that's what we're hoping the city will see."

So far what some councillors have mainly seen is a high price tag.

Ward 2 Councillor Shawn Lewis has been critical of key elements of the project, including its plan for an elevated promenade called the Ribbon of the Thames at the Forks.

He's called the promenade a "bridge to nowhere" and says its estimated $8 million cost would be a waste of money for a city with other pressing needs. Lewis also pegs the cost of Back to the River at closer to $12 million.

"This is about priorities," he said. "It's those projects that are being proposed as being a tourist draw ... that's the part that I don't see as being a realistic expenditure."

There are elements of the plan Lewis likes, including an environmental assessment expected to wrap up in the fall that he says will provide vital information for any future projects near the shores of the river.

At tonight's meeting, Lewis will push to have the promenade element in the Back to the River plan scuttled, a move he estimates could allow city hall to redirect the $8 million cost to other projects.

Martha Powell, president and CEO of the London Community Foundation, says it's time for city council to show a commitment to revitalizing the downtown sections of the Thames River. (Travis Dolynny/CBC)

Lewis also said council doesn't have to commit city funds to the plan tonight, and could instead opt to keep Back to the River as an option in the strategic plan — albeit alongside millions in other budget demands.

Powell, however, feels that Back to the River has already been debated to death.

London Community Foundation has secured $2 million in private donations for the project at the Forks, $750,000 for river enhancements in SoHo, as well as a $3 million bequest to be used as a loan for the creation affordable housing in the same neighbourhood.

Powell says private donors who've kicked in $2 million for the project are losing patience.

"We can't keep debating this," she told CBC News. "I'm holding two individual donors at bay for three years now. They're not prepared to keep waiting and if the city delays this, they're going to take their money somewhere else."