MORE than 500 jobs could be created over the next three years with the development of Isle of Wight sites - including Kingston Marine Park - according to the Isle of Wight Council.
Uncertainty has surrounded the development of the marine park - and the future of the Island's marine industry - in recent months and work stalled due to a lack of funding in September.
One firm, previously based at Venture Quays, has already re-located to Scotland due to the uncertainty over the future of the shipyard.
However, the council's cabinet is due to give the green light on Thursday to assembling a public and private sector funding package for the 14.5 acre waterside location.
This is part of a £1.8 million investment in Island sites over the next three years.
The council is in the final stages of buying the site from Homes England, and has commissioned a full financial appraisal for its development which is expected to include a hoist deck and further site works for businesses that construct vessels equivalent in size to the Red Jet 6.
Cabinet member for regeneration and business development, Cllr Wayne Whittle, said: "We are committed to investing in the Island's long-term economic future, and protecting and building our marine sector is a major pillar of our regeneration strategy.
"We are determined to create a climate where businesses can thrive - and at Kingston Marine Park we aim to fully explore the viability of developing the site in the best possible way."
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