The leader of Nottingham City Council says it will be a massive blow for the region if the HS2 train line does not have a hub in Toton.
A decision on whether to bring the high speed train line to Nottinghamshire will not be made until a report into the initiative's feasibility is published.
The independent - now an estimated £22 billion over budget - and whether phase 2b, which includes a hub at Toton, should be built.
The review, which was due to be released this year, was delayed due in part to the General Election and is now expected in 2020.
Councillor David Mellen said it was not just about the speed of the train but also about bringing rail investment and jobs into the region.
He told Nottinghamshire Live: "I am most interested in HS2 and the electrification of the Midland Mainline. It takes over two hours to go to Leeds and it is not a nice train.
"We have a railway system that is used more and more but there is more and more overcrowding.
"HS2 will improve the economy of the East Midlands. Toton has the best economic case.
"We are talking 70,000 jobs. There is a lot of money being spent in London. We have to re-balance the country.
"If we miss out it will leave the East Midlands even further behind."
He said work was already going on behind the scenes to prepare for the Toton base.
This includes looking into the possibility of an extension of the tram network from Toton Lane and creating a direct link to the site with the railway station.
Responding to the omission of HS2 phase 2b, Maria Machancoses, Director of Midlands Connect, the transport arm of the Midlands Engine, said: "It’s right that Phase 2a of HS2 continues its passage through parliament, and it’s good to see government highlighting the need for the benefits of the UK’s High Speed line to be realised as soon as possible.
"However, until the Oakervee Review is published, and the HS2 project is given the unequivocal support of government, we must continue to fight for HS2’s full delivery, in its entirety, all the way from the West Midlands to the East Midlands, Crewe, Manchester and Leeds.
"Phase 2b of HS2 will revolutionise connectivity in the East Midlands, linking the region to economic centres across the UK.
"We are working with HS2 Ltd and government to ensure our priorities are included in the Phase 2b plans, including direct services from Leicester to Leeds and Nottingham to Birmingham.
"By plugging into our ambitious Midlands Engine Rail plans, we can ensure our people, businesses and communities get the transport infrastructure they need to prosper. Government must commit to both HS2 and Midlands Engine Rail."
