Tenby town councillors met with local planning consultant, Mr. Mike Thorne, this week, to receive an update on the feasibility study for the proposed redevelopment of the town's De Valence Pavilion.
Mr. Thorne has been appointed to manage the study, funding for which has largely come from the Welsh Development Agency, with a proportion from the town council.
He told councillors on Tuesday night that an initial bid for European Objective One funding had been approved and proposals in full would be put forward to the Welsh European Funding Organisation (WEFO) in May, with an answer expected by August.
Around £4 million is needed for the proposed 'revamp' to go ahead and a board has been set up to help raise the funds for this grand plan, the objectives of which are "to benefit all in Tenby, by improving conditions of life in the area."
Work is currently progressing on creating partnerships with a number of local businesses to help raise some of the money needed for the project.
Representatives from F. B. Mason Holidays, Texaco, Activity Wales, Bourne Leisure, the Fourcroft Hotel, and Serendipity are all to sit on the advisory board once Objective One funding is granted in September.
If all goes to plan, building work will start in October 2004, with the aim of a completed new De Valence by spring 2006, meaning that the pavilion will only be out of action for one summer.