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Swale council has submitted its £20 million bid to the government to "level up" Sheerness on the Isle of Sheppey.
The bid, now dubbed the Sheerness Revival Project, is designed to improve health, education, leisure and employment opportunities on the Island.
But after a public consultation initial ambitious plans to rebuild the town's swimming pool were ditched because they were deemed too expensive.
If approved, the cash boost will allow the existing leisure centre to be expanded with better services at the Healthy Living Centre.
Cllr Monique Bonney who chairs the council's regeneration and property committee, said: "We need to make sure we submit a well thought out bid to take advantage of the opportunities from the Levelling Up Fund so we can make a real and lasting difference to people’s lives and opportunities.
"We’ve spent months working with the community to come up with options and costings for ideas and plans.
"I don’t think Swale has ever bid for something on this scale before. We've had to work hard with our partners to put together a strong bid that ticks all the boxes the government wants.
"For this funding, we had to have the endorsement of Sittingbourne and Sheppey MP Gordon Henderson, who has not hesitated with his support of the plans."
She added: "Now the bid is submitted we have a nervous wait until the autumn to hear if we’ve been successful.
"This is a major step towards the revival of Sheerness with benefits that spread across the whole Island.”
Mr Henderson said: "I’m delighted to support this bid by Swale Council.
"It is very important that we work together to do what we can to level up by improving the economy on the Isle of Sheppey and providing more employment opportunities.
"If successful, the funding from the government will help the council achieve that.”
The bid includes new courses offered by Sheppey College giving young people aged 14 to 18 on the Island easier access to more training and education. The conversion of Master's House, the former council offices in Trinity Road, Sheerness, into creative workspace could also create and support new jobs.
New leisure activities such as soft play, adventure golf, TAG active, a new café and outdoor gym at Beachfields also form part of the bid.
The funding would also deliver improvements around the railway station and leisure complex to connect them with the seafront and High Street to encourage visitors to explore and enjoy more of the town.
Suggestions for a tidal pool on the beach raised during public debates have been ignored.
For more information on the bid, click here.