A popular array of attractions is promised for the site
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A final design has been chosen for the redevelopment of the Tropicana complex in Weston-super-Mare.
North Somerset Council has voted in favour of plans to build a leisure pool and a cinema on the beachfront site.
It is hoped the new centre, nicknamed the Life Station, will be open for business by October 2007.
A council spokesman said the privately- financed option would offer a popular range of attractions without taxpayers having to fund the rebuilding work.
The new complex will also include a hotel, retail outlets and a restaurant.
Indoor pool
The council spokesman said: "The attraction was that it was a commercially-funded scheme and would not involving public funding.
"The cost of an indoor pool had been put at £8.5m and that would have meant an increase in council tax."
There has been a pool on the waterfront in Weston since the 1930s.
But dwindling visitor numbers in the 1990s saw the council vote to close the Tropicana in 2000.
In 2004, developers Mace pulled out of £23m plans to rebuild it, and there were fears it would become a derelict eyesore.
North Somerset Council deputy leader Mike Roe told the BBC: "It's been a long time reaching this decision and we have looked at various options.
"The developers have come up with an innovative scheme whereby the building itself can be used for people for climbing. They are also looking to put a 60-bed hotel on the site which the town does need."