The city has spent the last two years examining proposals, including a convention center, high-tech research office park and exhibition space for auto suppliers. Once a developer is chosen, city leaders must work out a development agreement, and then the process of site planning and approvals begins.

One of the developers, Schostak Brothers Co., is proposing a $300-million plan, which would turn the Silverdome building into a Pontiac Towne Center that is part industrial park and part retail center, with six restaurants and a recreation center. The dome would be removed and rebuilt to accommodate a 300-room hotel. Schostak's cash offer for the land is $18.5 million. Officials say the project will generate 7,000 new jobs.

Etkin Equities wants to demolish the Silverdome and develop 20 to 22 buildings over 1.5 million sf of space for a high-tech research office park with a small amount of space for retail stores and restaurants. The company's cash offer for the property is $17 million, with development costs expected to be $200 million. The project is expected to create 6,000 jobs. The proposal includes sharing 25% of profits from the property with the city. The offer also includes a $1-million bonus if 80% of the property is put into use within the first five years of the development.