MORE than £18 million worth of funding is set to pour into Colchester this year as final plans are submitted.

Colchester Council was awarded £18.2 million from the Government’s Town Deal fund to invest in projects which will directly benefit residents across the borough.

Council leader Paul Dundas has now revealed final business cases detailing plans for each project are set to be submitted at the end of March.

Mr Dundas explained the plans will then be looked at in finer detail before the projects and their funding are officially confirmed in “late summer”.

He said: “Money will come through at different phases for each project, rather than one lump sum.

Read more: This is where £18.2m of Government cash is set to be invested in Colchester

“One of the key messages is some of the projects will enable us to access further funding.”

The council leader also said now the lease on Colchester’s iconic Jumbo has finally been agreed, works can now begin to transform it.

The building’s owner, Paul Flatman, has agreed to lease the Grade ll* listed water tower to North Essex Heritage for 150 years.

Now £1 million will be invested as part of the deal to restore the landmark.

The charity has plans to convert the 34 metre tower, which is of national heritage importance, into a destination venue, restaurant, visitor experience and historical interpretation space.