Governments are hoped to sign off on the Shetland projects set to benefit from a share of a £335m funding by March next year.
The SIC’s development director Neil Grant said teams were currently working on the business cases for seven projects vying for a share of Islands Growth Deal funding.
Projects include clean energy hub, a space innovation campus and the Dales Voe deep water decommissioning scheme as well as the Knab redevelopment in Lerwick, which alone is seeking £9.1m.
Speaking to Tuesday’s development committee meeting, Mr Grant said the Knab project was all about delivering “future fit housing”. Work on the demolition of the old Anderson High School site began last month.
He said the heads of term agreements for the Knab and other projects had been submitted and the SIC hoped to have sign off with both UK and Scottish governments by March 2022.
“Funding will then be made available by the governments over the next seven to 10 years,” he added.