North Lanarkshire Council will provide the cash to build a vital road link, which includes tunnelling through a railway embankment, extending a bridge on the A723 between Holytown and Carfin and securing small parcels of land along the A723 to widen the road for a dual carriageway.
It is 20 years this week since the steelworks were shut down and contaminated land has been remediated in that time.
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A new town is planned for the site – it is expected to take up to 30 years to complete and cost £1.2bn.
The Scottish Government has approved method known as Tax Incremental Financing (TIF) to raise the money for the regeneration.
TIF involves borrowing cash against projected future incomes from business rates in the new developments.
If this gets final approval following the submission of a business case and financial model, the council said this will create 4,500 permanent jobs and 500 construction jobs.
Executive director of environmental services at North Lanarkshire Council, Paul Jukes, said: "There is an element of risk for the council in committing the £10m, but we believe it is necessary. To do nothing with such a large site is simply not an option."
A college campus, sports facility and some homes have already been completed on the 450-hectare site.
(NE/GK)
