Fresh details about the Ilitch family's planned redevelopment of the vacant and windowless Hotel Eddystone near Little Caesars Arena are spelled out in a new agreement submitted to the Downtown Development Authority on Monday.

The project that would turn the 13-story historic building at 110 Sproat St. into apartments and commercial space is expected to cost $40.9 million and seek an unspecified amount and type of public incentives, the 12-page document says, without specifying the number of residential units.

In addition, the Ilitch family's Olympia Development of Michigan real estate company is supposed to have a $33 million letter of credit or performance bond that would be tapped by the city and DDA in the event that ODM or another ODM-chosen developer defaults on terms of the agreement.

The agreement was announced Friday but terms were not revealed. Public financing is common in redevelopment and new construction in Detroit real estate projects. When asked Monday, the company did not comment on the taxpayer incentives, the receipt of which has been the subject of criticism.

"We are pleased to have reached this agreement with the city which sets a specific timeline for Eddystone redevelopment. Pending the approval of the DDA board, we are looking forward to getting started on this project, which will bring market-rate and affordable housing and historic redevelopment to The District Detroit."

The family, which made its billions starting with the Little Caesars pizza empire, has taken increased criticism in the last few months both locally and even internationally over its District Detroit project, which nearly five years after its unveiling has yet to materialize in a manner close to what was presented to the public.

Under terms of the agreement that needs DDA board approval, a building permit application and request for Historic District Commission approval for temporary plastic sheeting on the window holes would need to be submitted within 15 days of the DDA signing off on the terms. No more than 30 days after that, installation of the plastic sheeting would have to start; 30 days after that, it would have to be completed.

Within 45 days of the DDA approval of the agreement, a building permit application would have to be submitted to the Building, Safety Engineering and Environmental Department for roof and wall masonry repairs. They would start 15 days after BSEED permit approval.

That date is the starting date for a new timeline to complete the issuance of a certificate of occupancy, which would have to be issued within 25 months of the roof and masonry repair work starting, according to the agreement.

The agreement does not specify the number of apartments to be created in the Hotel Eddystone, but on Friday ODM said it plans 96 with 20 percent of them, or 19 units, being reserved as affordable for those making 80 percent or less than the area median income.

A large portion of the 45- to 50-block District Detroit area north of downtown remains surface parking lots, vacant buildings and parking decks, many of which are owned by the Ilitches and affiliates. The area is anchored by Little Caesars Arena for the Ilitch-owned Detroit Red Wings and the Tom Gores-owned Detroit Pistons. The known public subsidy for the arena, which cost $862.9 million, and the District Detroit projects so far is $398.1 million.

The new Eddystone agreement says that the project financing structure, which includes the public funding as well as bank financing and equity, may be modified "without any modification to the milestone dates" if "sufficient incentives are not available."

Olympia has not developed any residential space as part of the District Detroit project, although it announced nearly 700 apartments two years ago (including the Eddystone redevelopment) and has promised more than 1,000 in the past.

A 2015 agreement with the DDA said ODM had one year from the issuance of a temporary or permanent certificate of occupancy for the new arena to redevelop the Eddystone. The temporary certificate was issued Sept. 12, 2017. The Eddystone was spared from demolition in a compromise agreement with the city that allowed Olympia to implode the former Hotel Park Avenue nearby in 2015.