It could be billed as pedal power for the Lawrence economy.

City commissioners on Tuesday will consider approving plans — and donating $5,000, plus in-kind city services — to hold a major bicycle race on July 4-5 that is expected to attract up to 900 riders to downtown and the Kansas University campus.

Organizers of the race — dubbed the Tour of Lawrence — believe participants and spectators could spend about $600,000 in Lawrence as part of the event.

“And it would be happening at a time that is traditionally very slow for Lawrence,” said Bob Sanner, director of sports and conventions for the Lawrence Convention and Visitors Bureau.

But residents may have to pay a price in terms of reduced parking and traffic flow, especially in downtown.

On July 4, parking and traffic on Massachusetts Street from Seventh to 10th streets will be prohibited because the street will be used as part of the race course. Portions of New Hampshire, Vermont, Seventh, Eighth, Ninth and 10th streets also will be closed as part of the event.

On July 5, the race will move to the KU campus. The majority of the course will be on campus, but will include the use of some streets in the Oread, West Hills and University Place neighborhoods. Those roads won’t be closed, but will have periods where traffic will be restricted.

Some city leaders believe the event will generate more positives than negatives.

“It is a good opportunity to bring a lot of people into the community, and a lot of times, their visit to Lawrence is a visit for the first time,” said City Commissioner Rob Chestnut. “My guess is we’ll have people from all over the United States.”

Chestnut also said he plans to support the request for $5,000 in funding from the city’s transient guest tax fund, which receives its money from the tax charged to hotel guests.

“I believe these are the type of things the guest tax was designed for,” Chestnut said. “It certainly will put people in hotel rooms and will have people spending money on food and shopping.”

Sanner said the $5,000 would be used to help attract professional teams to the event, to hire professional announcers for the races, and to help supplement the fund for prize money and awards. The event is expected to offer $20,000 in prize money.

In addition to the $5,000 donation, organizers also are asking for help from several city departments, including the police and fire departments. Organizers also are seeking to temporarily designate portions of Massachusetts Street as a temporary outdoor drinking area where beer can be served.

Thus far, the event has been garnering support from several groups. The Oread Neighborhood Association sent a letter to city commissioners supporting the event and the portion of the course that runs through its neighborhood. Downtown Lawrence Inc. members also haven’t expressed concerns, said Jane Pennington, executive director of the group.

Sanner said if commissioners approve the event, efforts to attract a number of professional and top amateur riders will begin. Sanner said the event — which could feature races up to 65 miles long — is already drawing the interest of several professional teams because Lawrence could serve as a good warm-up for a major professional race in Milwaukee the following week.

The city previously has been the host of three major cycling events that has given the city a good reputation in cycling circles, Sanner said. From 2005 through 2007, the city played host to the Collegiate Road National Championships.

Commissioners will consider approving the event at their 6:35 p.m. meeting Tuesday at City Hall, Sixth and Massachusetts streets.