Scottish Enterprise, North Lanarkshire Council and Wilson Bowden have agreed to provide £2 million funding, which will go towards the preparation of detailed area planning briefs for the second phase of the project.
The planning briefs will look at options for the development of a new town centre, industrial area and business park on the former steelworks site.
Wilson Bowden, the project's Master Developer, and Scottish Enterprise will each contribute £800,000 towards the development of the planning briefs with the council contributing £400,000.
The area planning briefs are seen as an essential next step in progressing to the second phase of the project and will outline the future costs of the second phase, including the level of public sector funding required.
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Liz Connolly, Scottish Enterprise's operations director for West of Scotland, said: "The completion of the detailed planning briefs will be an important milestone for the project and is an important first step in terms of how we will take forward the options for phase two.
"This is a long term project and as the first phase nears completion, it is important that all partners involved can evaluate progress to date and identify how we can continue to attract private sector interest and investment for the project going forward.
"We are looking forward to continuing to work proactively with Wilson Bowden and Barratt, the Scottish Government and North Lanarkshire Council over the coming months to complete these planning briefs and identify how we can best work together to progress to phase two."
Council Leader Jim McCabe commented: "We are pleased that this significant step forward has been achieved. Ravenscraig is a hugely important project for both the people of North Lanarkshire and the whole of Scotland and we are determined to drive forward with our partners to ensure that the project continues to be a priority."
More than £80 million has been invested over the past ten years on former steelworks site, which extends to approximately 1,100 acres on demolition, decontamination and re-servicing works.
This has led to the construction of the Motherwell College campus, a £32-million pound regional sports facility and the preparation of land and development of infrastructure for future private sector development.
(GK/BMcC)
