Peterborough City Council chiefs say they are ready to borrow £16 million to ensure the success of the city’s planned £36 million indoor swimming pool.

The pledge follows the announcement that a site has been selected for the 25 metre long indoor swimming pool and leisure centre that it is hoped with be open in 2028.

The project has been given a significant financial kickstart by the Government, which announced a £20 million grant award late last year for the venture.

But the remaining £16 million was expected to be raised through a number of ways with the development of funding bids and business cases to attract Government and private sector investment.

This image shows the how Peterborough's indoor swimming pool should appear when completed.

placeholder image — This image shows the how Peterborough's indoor swimming pool should appear when completed.

Council leader, Councillor Shabina Qayyum said: “We know how important a new swimming pool is to our residents and that is why we have agreed to put additional money towards the funding we have attracted from Government to be able to deliver it.

"We will continue to try and attract other funding to reduce the amount we need to contribute.

She said: “It is common for councils to use capital funding (borrowing) to build new assets such as schools, roads and swimming pools, as most do not have the funds to cover such expensive developments.

"Indeed there are examples in our city of such projects such as the school at Great Haddon which has been built using capital funding.

"It’s important for our residents to understand that there is a need for a pool in our city, not just for recreation, but because swimming is a life skill which is essential for our residents and school community too.”

It is planned to build the swimming pool and leisure centre on a site next to the Peterborough Athletics Track and south of ARU Peterborough with the building linking into the Embankment.

Cllr Qayyum told a meeting of the full council on Wednesday: “All of the funding is secured, helped by a £20million contribution from the Government from its Growth Mission Fund, subject to the submission of a full business case.”

The proposals for the pool were jointly put together last summer by a consortium that includes both the city MPs, the Cambridgeshire and Peterborough Combined Authority (CPCA), Peterborough City Council, ARU Peterborough, City of Peterborough Swimming Club, Friends of the Lido and Living Sport.