The Nottingham Industrial Museum is due to reopen this week after the city council received £91,000 in funding.
The museum closed in 2009 after the council restructured its services.
The museum will be run by volunteers, with more than 90 people helping to refurbish the site before it reopens on Friday.
The centre will be self-sufficient through a small admission fee on Saturdays, Sundays and Bank Holidays.
Exhibits will include steam engines and agricultural machinery as well as lace making machinery which helped to put Nottingham on the textile map.
An initial grant of £66,000 from the Adult and Community Learning Fund will be used to train volunteers on how to run the centre, from taking care of the collections to marketing the attraction.