More than £60m could be invested in redeveloping the centre of Scunthorpe.
North Lincolnshire Council claims the plans would create more than 200 jobs and provide new homes, education facilities and office space.
As part of the proposals, the authority is also extending its Church Square House office in a £5.7m project that would provide space for 600 council staff.
If approved the scheme is expected to be completed by 2022.
Other projects include a £15m university technical college and a £15m building to house 200 NHS staff.
The central library would get a £1m refurbishment and more than 60 flats would be built by the private sector on Lindum Street.
More than £5m would be spent on building a headquarters for a social housing company.
Roads and streets around the area would also be improved.
Councillor Rob Waltham, Conservative leader on North Lincolnshire Council, said: "This is a significant investment never seen before that will transform the town and create a vibrant and thriving place where people will want to live, work, study, invest, visit and spend their leisure time.
"Our aim is to create a centre for learning and business - a place and where people will want to stay.
"That's why part of our ambitious plans include building a new 2,000-place University Centre right here in the heart of Scunthorpe."