Planning rejection would 'dramatically' affect Argyle
Plymouth Argyle chairman James Brent says the club would be 'dramatically' affected if a were rejected.
The club want to rebuild the main Mayflower Stand with new hospitality and catering facilities.
The plan is to also build a 1,500-seat ice arena and multiplex cinema.
"It would dramatically affect the ambitions of the club as you do need to generate extra income to enable it to progress," Brent told BBC Radio Devon.
"The wider development enables us to build the new grandstand and the new grandstand will generate, we estimate, about £1m of additional net income and that goes up as we go up the leagues."
The area around Home Park has seen a number of major changes in the past few years.
The old Mayflower Leisure centre was demolished last year after work was completed on the Life Centre, a major leisure centre with a 50m pool and Olympic standard diving facilities that are the training base for the likes of Tom Daley and Tonia Couch.
If Brent's plans are approved it will mean around £100m will be invested in the area surrounding the club's ground.
The businessman and he says there is no other option to try and improve the club's league standing than developing off the field.
"We haven't got a Plan B," he said.
"When we came into the club we said we'd look at putting capital investment in up front to enable it to sustainably move up the leagues, and that's the only plan we're focused on."
The club submitted the plans on Friday with a decision expected in August.
If they are approved, Argyle hope work will begin in the autumn of 2013.