Bolsover pit could become a business park

It won the backing of the government at the end of last year when it was agreed that preparatory work could start before the completion of a major M1 corridor transport study.

The total cost of the scheme is expected to be about �50m.

The county council's cabinet member for regeneration, Councillor Geoff Carlile, said: "This is Derbyshire's biggest ever regeneration project.

"We already have part of the financial package in place to develop the site, as well as mounting commercial interest.

"Putting this bid in is a major step forward for the project and is the result of a massive amount of feasibility study work."

Money will come from a package of support made up from local, national and European Union cash, aswell as finance from the private sector.

The council is hoping to hear about the bid by the end of the year.