Torbay Council is set to double its investment in property and regeneration.
The council has taken the decision in order to help meet its budget deficit and provide greater financial resilience.
The investment is forecast to generate an additional £1.5m of income a year after costs and capital.
Eventually this would take the total income from the fund to £5m per year to help deliver local services.
The council will use £100m of additional prudential borrowing to enable the Investment and Regeneration Fund to increase to £300m.
