The two applications, put forward by East Lindsey District Council (ELDC), outline designs to replace the external wall and roof cladding and place an external water tank on the site, as well as new signage on the building and entrance doors.
According to the documents, the signs will be black and acrylic, only bonded on to the existing brickwork.
The cattle market was saved by campaigners last year after ELDC decided not to follow through on plans to sell the site.
Instead, the authority agreed to refurbish the site on the proviso that the site be used for a ‘broader range of purposes’.
Louth Market Auctioneers has been taking the lead in drawing up a list of activities and events.
Ideas put forward so far include stand-up comedy nights and live performances, as well as a ‘drive-in’ open air cinema, hand car washes and car boot sales.
The site was recently visited by HRH Prince Charles as he toured a number of Lincolnshire sites.
Work has already taken place to improve the nearby Boars Head pub.