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Destined for a largely derelict site off Myton Street in Hull, the Venue could open in early 2018.

The 3,500 capacity multi-use auditorium will have retractable seating and a moveable acoustic wall so it can be used for everything from an “intimate” music gig to an exhibition. It will have “generous” plazas outside, linking to the rest of the city centre.

Recommended for approval by planners, it is due to be decided at a meeting next Tuesday.

It is estimated it could bring in £30m of extra revenue into the city a year as an extra attraction after its year as City of Culture 2017.

But leader of the opposition Lib Dems Coun Mike Ross said he had concerns around whether it was the priority, given that some money would come from long-term borrowing and there would have to be repayments using revenue “and that is money not being spent on vital services.”

He said: “Will it do what it is meant to do? I am not convinced.”

Coun Steve Bayes, portfolio holder for visitor destination, said the money to build the Venue had been allocated in the City Plan: “The whole strategy has been to bring wealth into the city, as the Government grant goes down, we have to generate private sector income through jobs, business rates and footfall.”