A BID for up to £5million to “reinvent” Colchester town centre will be made to Government funders today.

Colchester Council has set out it would spend the cash on “adding additional attractions”, “enhancing the centre as a residential area” and making the most of the existing heritage and historic features.

The application was unanimously backed by the council’s Revolving Investment Fund Committee after it was put together with the Colchester Business Improvement District (BID).

It is hoping for a slice of the Government’s £675 million Future High Streets Fund.

Sam Good, BID manager for Colchester, said: “We fully support this application, having been involved in the process from the start, and feel that this is a great opportunity to highlight Colchester’s extensive and unique offering, and to cement our place on the map as a regional destination.”

Tim Young, the council’s portfolio holder for Business and Culture, said: “This is an exceptionally positive step towards securing the future of central Colchester as an attractive destination for residents, visitors and businesses alike; it should be a vibrant place, full of interesting experiences and encounters to stimulate footfall and investment.”

Council leader Mark Cory added: “This is another great opportunity to further our commitment to a Better Colchester, and to celebrate our heritage through this funding application.”

The application centres around Colchester aspiring to be a “regional hub for heritage and culture”, placing it on the map as an inspiring place to invest in, visit and relocate to, and realise the true economic potential in the region.

The application also takes into consideration the need to deal with several challenges including crime and perception of crime, air quality, traffic congestion and maintaining the presence of independent stores.

The result of the application will be decided this summer.

If successful, the council will be asked to draw up a full business case.

A council report states: “The objective of the fund is to renew and reshape town centres and high streets in a way that improves experience, drives growth and ensures future sustainability.”

The Governments advises councils applying for the fund to focus on “investment in physical infrastructure”, “acquisition and assembly of land” including improving public realms, as well as improvements to transport access, traffic flow and circulation in the area.

They should also support “adaptation of the high street in response to changing technology.”

The council plans to get the support of groups including the Business Improvement District, in finalising the ambition statement.

A prospectus for the Future High Streets states: “We will not accept bids covering town centre areas that are not facing significant challenges.”