Moray Council is targeting the summer to come to an agreement with the Scottish and UK governments over the region’s city deal funding bid.
Senior figures at the local authority are working on a multi-million pound blueprint to expand the amount of jobs and retain young people in the area.
The proposal, which has been entitled “Innovation from Tradition”, will rely on cash from both central governments to deliver large-scale projects.
Business plans are currently being drawn up, with the council aiming to secure agreement from Westminster and Holyrood in the summer.
Tomorrow, Moray councillors will be updated on the bid at a meeting of the authority’s economic development and infrastructure committee.
In a report, Rhona Gunn, director for economic development, said it had already received “strong support” from locals.
She said: “It’s a long-term plan centered on specific projects designed to transform the economy, address concerns about encouraging young people to live and work in the area and address gender inequality.
“The overall vision has been summarised as Innovation from Tradition, focusing on how we have built our traditional industries to diversify and develop our economy.”
One project likely to form part of the deal is the second phase of the Elgin Business Park on the outskirts of the town at Barmuckity, where construction has already begun on the initial portion.
Backing for the £30million transport plan to ease congestion in Elgin could also be in the agreement as well as affordable housing, support for tourism and digital connectivity schemes.
A warning has already been issued by the Scottish Government that Moray risks becoming a “poor cousin” of Aberdeen and Inverness, who have already benefited from successful city deal bids.
Moray Council leader George Alexander said: “The target has been to come to a heads of terms agreements by summer this year – so we’re still on target with what we set two years ago.
“We’ve narrowed it down to 14 projects but we’re not making them public so we don’t raise any false hopes.
“Because of the size of them, government support really is crucial so that we can attract private investment too.”