That's the stakes for the highly-prized 6,282m Crown Land property known as the Plaza car park according to Port Macquarie-Hastings Council mayor Peter Besseling.

Should it be sold to Woolworths to allow development of the space adjoining the former Food for Less site it already owns?

Or, should ownership be transferred to council for a nominal $1 fee so council funding can be spent specifically on foreshore improvements?

The prime parcel of land has been a political hot potato, with debate clearly divided between private and public ownership.

"Now is crunch time," Cr Besseling said.

"It's become a debate between whether the land is privatised or remains in public hands, between short term gain and long term benefit."

Until tonight's extraordinary council meeting was called, Crown Lands was in direct negotiations with Woolworths.

Council has now flagged an intention to put forward a proposal in competition with the supermarket giant.

The decision will be argued tonight, just 48 hours before submissions close on Friday, with opposition expected from at least two councillors.

Cr Adam Roberts told the News council had "had many months to put the proposal together, yet not all councillors have been privy to the plans".

It's believed last night was the first time the concept designs were unveiled to all councillors in a closed meeting.

Cr Besseling said "any re-development of the site would focus on increasing and improving car parking spaces and pedestrian activation with open space whilst providing for commercial activity to generate income for foreshore improvements".

If council's submission is successful and commercial opportunities realised, the Foreshore Plan of Management could progress at full steam.

"People need to understand that the concept designs are just examples.

"The main point is to retain the land in public hands.

"That is the best possible outcome.

"We need to be forward thinking and have vision.

"This land is incredibly valuable because it is the only opportunity for the local community to get a commercial benefit for the rest of the foreshore.

"Currently, there are no onging means of funding to the foreshore.

"If we lost this site to private enterprise, the last opportunity is gone forever," Cr Besseling insists.

Under the Woolworths submission for the site, specialty stores including the opportunity for cafes and restaurants, public art, modern architecture, undercover parking and landscaping would stretch along the 80 metres of Koolonbung Creek foreshore.

The final decision about the Short Street car park's ownership rests with the state goverment, however, no timing on the decision has been offered.

Tonight's meeting starts at 5.30pm in council's Burrawan Street chambers and members of the public are invited to attend.