The authority is looking to borrow £3.344m to add to a £3.556m grant it has received from the Government and use the total to build industrial units at the Oceansgate site at Devonport.
A planning application has been submitted for a series of "innovation bams"-high spec large industrial units for use as workshops and prototyping along with project offices - which will create 49 jobs. More than 1,700sqm of space within the eight planned units will expand the existing Oceansgate complex, which is already home to 14 light industrial units and 12 offices.
The council, which had total borrowings of £565m in 2023, said the development will create skilled jobs and a place for Plymouth's marine businesses to innovate and collaborate.
The University of Plymouth, Plymouth Marine Laboratory and the SW Defence and Security Cluster, working with the freeport, will support product development and sea trials for companies based there.
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