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The authority, which loaned money for a stadium development, says the club owes more than £10m.
The agreement remains in place with deadlines for stadium development, season-ticket targets and sponsorship commitments.
As team president, he said he would juggle stadium development with marketing and finance.
"When you look at stadium development now, Pittodrie's fallen so far behind," Fraser said.
Levy's comments came as the club announced their financial results and updated supporters on the progress of the new stadium development.
What with fines for homophobia and stadium development, it is easy to forget that Castleford's on-field performances will also form a crucial part of their licence application.
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Set to be named the Etihad Campus because of a £100 million corporate tie-in that has already placed the Arabian airline's brand on City's shirts and stadium, the development facility will occupy eighty acres of brownfield land opposite the club's Eastlands stadium.
MK Dons have confirmed the second phase of their Stadium MK development will be completed by the start of next season.
The government downplays such concerns, saying the stadiums promote development and have been built for multi-purpose use so they do not have to rely on football for revenue.
"There is no question the stadium accelerated the development, changed the nature and type of development, the intensity of how people felt and how much they would invest in projects".
"The myth is that no stadium stimulates economic development," he said.
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