The final phase of redevelopment of Rutland Mills on Wakefield's waterfront is expected to be signed off on Tuesday.
The historic area is being transformed into a leisure complex with shops, bars and restaurants, after planning permission for the scheme was given last year.
London-based Tileyard Studios are behind the regeneration in an area where most of the old industrial buildings have been empty for 20 years.
But the project's final stages are to be discussed by Wakefield Council's Cabinet tomorrow, with councillors asked to approve a process which will secure more cash from other sources for the redevelopment.
However the discussion will not be heard in public as the information is deemed to be commercially sensitive.
The council's deputy leader Denise Jeffery said: "This is a major re-development which will have a positive impact by supporting our district’s economy for years to come - by increasing skill levels and creating better jobs to give residents greater opportunities to succeed in the labour market.
"The re-development will transform this historic area of our city into a vibrant, culturally rich environment that we can all be proud of."
More than £3m of council money will be put towards the scheme by the council, part of which will be used to stop some of the old mill buildings deteriorating further.
The work is expected to be completed by the end of 2022.
Local Democracy Reporting Service