Calling the bid ‘ambitious’ – the authority is hoping, if successful, that the money could transform what it calls an ‘undervalued and under-utilised part of the town centre’.
They have now revealed which ‘brownfield’ section of the town centre they are hoping to focus on.
A map sent to the Standard, shows it is the area between Lincoln Lane and West Street, incorporating St Georges Road, Lawrence Lane, Bond Street and Rosegarth Lane.
Sitting within the outlined site is the Len Medlock Centre, Boston Health Clinic and the now vacant JobCentre and former B&M store.
A council spokesperson said: “The ambitious plans seek to regenerate and reinvigorate this large brownfield opportunity (known as ‘PE21’) in the heart of the town, through the bringing forward of a number of strategic interventions which will collectively increase activity, footfall, and improve the image and vitality of the area.
They said this is a “significant investment in public realm” which will look to re-develop sites for commercial, residential and other uses.
The Council is currently working alongside a range of partners to prepare its submission for the town, ahead of the Government's deadline in early July.
The Borough Council anticipate hearing the outcome of their bid from Government in the Autumn.
The town’s former Regal Cinema, which dated back to 1937, was located at this site - on the corner of Bond Street and West Street, before being demolished in 2006.
It is believed the last time the area saw significant overall investment was in 1972 when the council gave the greenlight for the ‘Lincoln Lane Development’ – which included the creation of the shops and large car park.