The proposals made by the Leeds chairman include a concert hall, casino and 2,700 car-parking spaces.
Meanwhile, Bates wants to build two hotels, a club megastore, a covered shopping arcade, a health club, tourist centre and a Leeds United museum.
"Our priority is to get the best deal for the council-tax payers of Leeds," said council leader Andrew Carter. "We expect that whatever development which may or may not take place at Elland Road - and they must first of all go through the planning process - would be folly if it did not compliment the council's plans."
"Our officers have been talking to Mr Bates' representatives for some time and will continue to do so."