Another £6 million could be invested by Swale council into the town’s regeneration plans.

It is looking at the possibility of buying the lease for the car park at the front of The Forum, which is owned by Tesco.

The authority is also considering buying a share of the shopping centre, which also belongs to the supermarket giant.

One of Swale’s development partners in Spirit of Sittingbourne would own the rest of the building.

If the proposal gets the go- ahead it means the local authority will make money from car parking charges and rent from the units.

It is due to be discussed when the council meets at Swale House in East Street, Sittingbourne, at 7pm tonight (Wednesday) and by cabinet on March 11.

The local authority won’t comment on how much each venture will cost, although figures of £3 million each have been suggested by the opposition Labour group.

Funding is likely to come through borrowing and from reserves.

Last July councillors agreed to spend £3m building a multi-storey car park, to provide between 220 and 270 spaces, on the existing car parking area across St Michael’s Road from Kwik Fit.

It will compensate for a number of council-owned car parks being lost directly or indirectly during phase one of the town’s revamp.

Leader Cllr Andrew Bowles said: “First of all, one has to be aware that Swale council’s revenue has been reduced by about 40% over the last few years.

“Unfortunately, indications are coming in from all political parties that this trend will continue.

“Like all prudent organisations of whatever political persuasion, we are seeking capital to fund projects that should bring in future revenue whether it is in Sheerness, Sittingbourne or Faversham.

“This in turn will enable us to maintain services despite the reduction in central government funding – hence the decision to fund the multi-storey car park.

“Early estimates have shown us that should the whole regeneration project go ahead as planned, this will be a sound investment and will result in significant profits.

“The crucial point is that whatever project is undertaken or investments made, wherever it is in Swale, it must have a positive effect on our borough finances which in turn will provide better services for residents.”

The latest news has riled Faversham town councillor Trevor Payne.

He says Swale council isn’t spreading the money equally through the borough, meaning Sheppey and Faversham is missing out.

Mr Payne said: “Instead of this extraordinary concentration on one project, in one location, in partnership with one developer, we would spread the benefits much more widely and fairly across the borough.

“If people decide to elect a Labour council in May, we will use the equivalent of the car park investment of £3 million on a wide range of one-off improvements to the public realm in all parts of Swale.

“We would spend £1m on local tourism and recreation, in places like Recreation Ground in Faversham; Milton Creek Country Park and the Sheppey coastline.

“We would allocate £500,000 on giving our open spaces a much needed makeover, improving footpaths, signage, seats and floral displays.

“Another £1m would go on improving leisure opportunities, updating our children’s play areas and improving sport facilities.

“Finally, we would allocate £500,000 on various infrastructure improvements, including support for an opening bridge on Faversham Creek.”