The local authority said it is still waiting to hear from the UK Government about what funding may be allocated and what criteria will be linked to it.

It is working towards a masterplan to transform Kirkcaldy for generations to come. This will be a long-running programme of work encompassing a range of activity and projects with a shared vision for the town.

Fife is hopeful it can attract funding from the UK Government’s Growth Mission fund to deliver for Kirkcaldy.

A phased approach for the development of Kirkcaldy would likely include expert-led workshops to shape the project scope, align it with government funding criteria, and assess practical feasibility.

Engagement with community groups and business representatives would then be carried out to ensure their voices are reflected. Consultants would then evaluate the economic viability of any proposals that are developed, with the findings expected to be reported to the Cabinet Committee by late 2025 or early 2026.

Ken Gourlay, chief executive of Fife Council, said: “This is a huge opportunity. Investment for Kirkcaldy’s high street and seafront would be recognition of the town’s potential and the hard work of our communities and partners.

“Fife Council has long been committed to creating a vibrant, inclusive and economically resilient town and this could help us make great progress.

“The teams involved are already gathering a wide range of data about the town, the local population and business sector, existing public services and land use. Specialist consultants will be looking at all of this with council colleagues and partners, before reaching out to community groups.”

David Ross, leader of Fife Council, added: “We have a clear goal of regeneration and a strong partnership with our communities and the local MP.

“As we develop and implement the wider plan, local people will be involved at every stage, and we must ensure this is meaningful engagement. The team need time to prepare public information and materials to support an open conversation about opportunities and options and - in the first instance - this will be targeted engagement with stakeholders around the economic future of the high street and waterfront.

“Fife Council stands ready to deliver and I know Kirkcaldy is ready to get involved.”