The University of St Andrews is set to create up to 500 new jobs at its Eden Campus at Guardbridge as part of the Tay Cities Deal.
Earlier this month an ambitious £1.84bn package was announced for more than 50 projects across Tayside and North East Fife as part of the Cities Deal.
The university's contribution to the Tay Cities Deal package is a £24m bid which, if successful, will further redevelop the site of the former paper mill at Guardbridge.
The bid has the backing of North East Fife MSP Willie Rennie, North East Fife MP Stephen Gethins and Tay Bridgehead councillors Tim Brett and Bill Connor who represent Guardbridge.
The university has already invested £25m in an award-winning green energy centre at the Eden Campus which pumps hot water four miles to St Andrews to heat university buildings. More than 350 university staff are to relocate from St Andrews to the Eden Campus in 2018.
The Cities Deal investment would see the redevelopment of an additional 5,500 sq m of existing derelict buildings.
It is predicted that the funding could unlock up to £75m of other inward investment within the first five years from a mixture of industry and private sector investors.
University of St Andrews quaestor and factor Derek Watson said: “With Tay Cities Deal help, we can continue to redevelop buildings and provide the necessary infrastructure to co-locate exciting new industry alongside academic expertise from across Scotland.
“Our plans for Eden Campus are ambitious but with help from our partners in the Tay Cities region and government support we believe we can make a genuine contribution to the government’s strategic objectives and society as a whole.”
North East Fife MP Willie Rennie added: “I am delighted that the University is putting forward ambitious proposals to further develop their Eden Campus. This is a strong bid which would build on the existing investment. The University’s redevelopment of Guardbridge has my full support.”
Specific projects earmarked for the bid include: