The City of Melbourne has submitted plans to renovate Federation Square to the Victorian Government for review. If accepted, this will lead to an investment of $22m to transform Federation Square into a premier civic space.

Federation Square will feature a new public library and a revamped Koorie Heritage Trust.

Lord Mayor of Melbourne Sally Capp said that the city wants to team up with state government and stakeholders to improve the square.

Capp said: “The state government’s recent review of Federation Square has galvanised ideas for this civic space and the opportunity for the City of Melbourne to step up as manager.

“We have a proven track record of delivering major events, Moomba, New Year celebrations, Melbourne Music Week, Melbourne Fashion Week, to name just a few. We have the talent and experience to bring Melburnians back to Fed Square.”

If the City of Melbourne is hired as manager of Federation Square, it plans to invest $15m in relocating City Library to the area, as well as $7m for the Koorie Heritage Trust.

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Capp said: “This much-needed investment would preserve the cultural and civic value of this iconic Melbourne space and attract hundreds of thousands of visitors.

“Making Fed Square the home of Melbourne’s most popular lending library would provide Melburnians with free access to event spaces, creative technologies and world-class resources. This is a once-in-a-generation opportunity to create a new benchmark for Australian libraries and celebrate our city’s indigenous history.”

The funding is based on the council being given management responsibilities for the location. As per this arrangement, the City of Melbourne would be responsible for the management of the location, including tenancies, maintenance and activation.

According to Deputy Lord Mayor Arron Wood, the proposal would strengthen Federation Square as a community meeting place and cultural hub.

Wood added: “The Koorie Heritage Trust does an amazing job of teaching Australians about our Aboriginal history. This $7m funding boost will ensure the stories the Trust tells and the experiences it offers reach even more people. We know one of the key issues our international visitors identify is the desire for more opportunities to experience and understand Aboriginal culture.”