The project will link the M8 motorway from Newhouse to Ravenscraig site. GBP 5M (USD 7.8M) will be allocated towards tunnelling through a railway embankment and extending a bridge on the A723 between Holytown and Carfin and a further GBP 5M (USD 7.8M) allocated to secure small parcels of land along the A723 required for road widening.
The council announced final approval would leverage up to GBP 425M (USD 662.9M) of private investment, create up to 4,500 permanent posts and 500 jobs during construction of the new town centre.
Paul Jukes, director environmental services, North Lanarkshire Council, said: "There is an element of risk for the council in committing the GBP 10M (USD 15.6M), but we believe it is necessary. To do nothing with such a large site is simply not an option."
The GBP 1.2bn (USD 1.87bn) project to transform the site and create a new town is expected to take up to 30 years to complete.
