Burlington Mayor Bob Kiss wants to transform the hulk of the former Moran Generating Station on the shore of Lake Champlain into a waterfront hub of commerce and recreation.
The $21 million plan was unveiled by Kiss on Saturday.
It would include an indoor ice-climbing facility, a restaurant and a children’s museum.
Under the current plan the city would pay $7.3 million of the cost while the rest would be paid through business leases.
The city has tried for years to come up with a plan about what to do with the facility. In 1986 ownership was transferred from Burlington Electric to the city council.
In 2004, city voters rejected a plan to sell the plant to the Greater Burlington YMCA.