The proposed railway museum to be built in Leicester could create up to a thousand new jobs.
An economic impact study, carried out as part of the £10million funding bid, suggests the project will be worth £43million to the local economy over five years.
Leicester City Mayor, Sir Peter Soulsby, has called it an exciting opportunity to enhance the city's reputation as an important visitor destination and said:
"It will create hundreds of new jobs, both during construction and on opening, while providing training opportunities in the rail industry for dozens of young people. We're fully committed to this project and will be working with the Great Central Railway to help them deliver this ambitious scheme.
Along with 300 short-term construction jobs, annual visitor figures are expected to reach 230,000, and so additional spending could create more than 900 jobs for the surrounding area.