London's performance arts community has finally come together to present a clear model to city council for a new arts centre, but it's not what the city was expecting.

The group is actually calling for two new centres, with a total price tag of $164 million.

The Celebration Centre would be the main attraction, a new home for Orchestra London right where Centennial Hall currently stands.

But that's not all, the proposal also includes an expanded Grand Theatre, with more performance, production and rehearsal capacity and improved amenities.

It would all be part of a major investment in the core that includes; the Celebration Centre, Grand Theatre and a $100 million development of two condominum towers and 300 new underground parking spots.

But it won't come cheap - $30 million would be needed from the province and the federal government, $16.7 million from the city, plus money from the community, a parking partner and a private developer - all totalling to $164 million.

The $16.7 million is 60 per cent more money from the city than what was originally proposed, and could be hard to swallow for some.

The spokesperson for the proposal wasn't available to speak on camera, but tells CTV News he believes the community will rally behind the proposal because the city will be paid back that money through property taxes in 10 years.

London Mayor Joe Fontana says "If someone says you can get a good 10 per cent return on investment, boy you should not discard it holus bolus, you better open up the door and say, let's take a look at it."

But City Councillor Stephen Orser says "If I saw somebody advertising 10 per cent [return on investment], red flags would go off everywhere."

But it's not just the payoff that's a concern, it's the initial investment. Many believe other basic needs in the city should be looked after first.

The new proposal is expected to go before committee on Monday and the hope is to have the centres operating in three years.