wooden retention wall

[Gp G.]

Hi all,
I have a ditch which is 150 feet wide, 100 feet long and 2 feet deep in the back with a city catch basin in the middle. I have a wooden retention wall as attached which is about 30 year old I think from the time when this building was constructed, I have made slope down on right hand side corner last year for landscapers, tenants to go into ditch to cut the grass rather than leave it become mini forest with poison ivy plants as well there. My question is does this wooden retention wall constructed for the city catch basin rain drainage water not to enter into the property or does the retention wall support the foundation of a building which is around 20 feet away. Is it urgent I have to replace that retention wall which may cost thousands of dollars or can wait until that retention wall collapses completely? Is a concrete retention wall better, cheaper than a wooden one? Any other better cheaper options available? What type of contractors do these types of jobs? Please advise
Thanks,