It was announced in this mornings Douglas Borough Council budget meeting that a substantial amount of money has been set aside to redevelop Cambrian Place.
£12.7 million has been earmarked for the scheme which will see a new 460-space multi-story car park, new premises for the Henry Bloom Noble Library, offices for the Council's ICT operation and new public conveniences.
The project will be the largest undertaken by the council outside of housing, with members all voting unanimously in favour of it.
Council leader David Christian said 'while the cost of the project will be considerable, the end result will be a valuable asset to the Council and the town.
With regards to the spending it will start with £2.8 million taken out of this years budget, for next years budget and beyond it's anticipated there will be a modest shortfall to accommodate the charges.