The Chief Executive of Wolverhampton Wanderers says he hopes proposals to develop Molineux will create a "legacy for years to come".Jez Moxey has been talking about the plans which could see capacity increase initially from 29 to 36,000. [LNB]The £40 million proposals would see the Stan Cullis and Steve Bull stands replaced by new two-tier stands. [LNB]The planning application for the first phase of work is due to be submitted in the summer. [LNB][LNB] [LNB][LNB] The proposals for an initial two-staged, phased development would see work begin on demolishing the Stan Cullis (North) Stand at the end of the 2010/11 season. [LNB]The second phase would see the Steve Bull (East) Stand being rebuilt over a two-season period starting in 2012. [LNB]There are also draft plans for longer term redevelopment of the other stands which could increase capacity to around 50,000. [LNB]It is all subject to local authority approval. [LNB]Jez Moxey described the proposals as "extremely ambitious" but pointed out it was the start of a "long and challenging journey" and that plans may change over time. [LNB][LNB]Impression facing the Stan Cullis Stand with TV screenHe also said: "Stadium development plans will not affect our plans to continue to invest in the team. [LNB]"We must get this balancing act right if we are to be successful in the medium to long term". [LNB]Meanwhile, the Leader of Wolverhampton City Council, Councillor Neville Patten said it would be a "tremendous boost" for the City with more people coming to watch matches being "good for the economy."