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South Ribble Borough Council has submitted a bid for its share of the government's £3.6bn Town Fund.
The council has pitched for £25m which it will invest in current and new buildings that will form the new 'heart' of the town.
Projects detailed in the bid include an improved public square with new commercial and residential developments, upgrades to Leyland Market, and a new business hub to host workspace and events.
The proposals cover the area of Hough Lane, Church Brow and Stanifield Lane and include the creation of a new Market Square.
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