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The Great Central Railway's plan for a new museum, to be built in Leicester, is expected to cost £15million in total.
Alongside the proposed £10million lottery grant, submitted to the National Heritage Fund, £5million of additional match funding would be required.
A striking building is planned for construction, alongside the Great Central Railway's Leicester North station where the museum will be connected to the running lines, allowing for inter-changeable displays.
Drumming up support for the project, City Mayor Sir Peter Soulsby said:
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:
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.
The Great central Railway have submitted a bid for £10million to the Heritage Lottery Fund. for the building of a new railway museum in Leicester.
Filled with priceless artefacts from the national collection, the new attraction will be based at GCR's terminus in Leicester North.
Plans for the new museum have been described as "world class" and Managing Director of the Great Central Railway Bill Ford said:
A bid has been put forward for lottery funding to help pay for a new railway museum in Leicester.
If the £10 million grant is given by the Heritage Lottery Fund, a new tourist attraction would be created at Leicester North.
The site is the terminus for The Great Central Railway, who are running the project in partnership with Leicester City Council and the National Railway Museum.