A NEW suppliers' village in the shadow of Burnley's sprawling Aircelle plant could bring £7milllion worth of investment into the borough, it is hoped.
And supporters of the Regional Growth Fund (RGF) backed project for the former Michelin site hope it will lead to 150 jobs being created once it is up and running.
The aerospace giant, based in Bancroft Road, and the borough council, secured £1.2million from the RGF's third bidding round, earlier this year for the initiative.
And the council's executive board is set to discuss this week how the initial proposals should take shape.
Kate Ingram, the council's regeneration head, said to councillors in a report that the scheme was 'an opportunity to act on (our) long-held ambition to create an advanced engineering hub on the former Michelin site'.
The Lancashire Telegraph has previously reported how nearby firms, such as BCW Engineering, were eager backers of the supply village concept.
Grant assistance will be made available to small and medium sized firms to relocate to the old Michelin complex.
Coun Andy Tatchell, executive member for regeneration and economic development, said: "Our partnership work with successful private businesses like Aircelle is one of the most important things this council does. Keeping and creating jobs in Burnley is our key aim.
"Bringing in investment for high quality jobs is particularly welcome, and I will be arguing that Burnley Council carries on playing a full part in this scheme.
“The plans would turn this site into a major centre of high quality manufacturing not just for our borough, but for this half of Lancashire."