The Yonkers City Council postponed a crucial vote on a $1.6 billion downtown redevelopment plan that was supposed to take place Wednesday.

According to officials, however, the reason behind the delay is not the ongoing financial crisis on Wall Street, but rather a scheduling conflict.

Project manager Joe Apicella says despite the financial meltdown, national banks are already on board with the team of developers. In its current form, the revitalization project will include the construction of a minor league baseball stadium, a shopping and entertainment complex and high-rise apartments.

"We're very confident we can still finance this project, even in this market,? Apicella says.

Apicella?s biggest concern involves a vote on the final environmental review of the project. If the plans do not get the city council?s seal of approval, Apicella says their lenders could ask for some of the up capital back.

Yonkers Mayor Phil Amicone is certain the council must act on the plan as soon as possible.

?What we need to do as a city is get off our butts, act quickly, get it approved and then find out if there's going be any impact,? he says.

A special city council meeting could be called next Tuesday to vote on the development project.