Scarborough Council will have to decide next week if it is to bid for the 2016 Tour de Yorkshire cycle race.
The inaugural event in May this year was a huge success, with riders including Sir Bradley Wiggins and Marcel Kittel taking part.
For next year the organisers have decided to add an extra day to the race, meaning it will run across four days.
Council’s are being invited to bid to become a start or finish location for the stages. Should Scarborough Council decide to bid it would need to secure £140,000 in funding to cover the costs of hosting the event.
A report, which will go before the council on Monday, stated the economic benefit the town and borough received from being the finish location for the first day of the race, which began in Bridlington.
The report adds: “The research identified that an estimated 10,753 people attended the Tour De Yorkshire in Scarborough Town on 1st May, this has been calculated using transport sources available. “The Tour de Yorkshire was a contributing factor in 91 per cent of the respondents coming into the town.
“This equates to 9,774 attendances. of those 66 per cent of the people who attended the event were visitors from out of town.
“This indicates that approximately 7097 were by visitors from outside of the local area.
“Of these people 20 per cent were day visitors and 80% were staying overnight staying for at least one night.
“It has been calculated that the total number of day visitors were 1419 and 5678 overnight visitors. The average length of stay of the overnight visitors was 3.08 nights.
“Twelve per cent of those visitors staying extended their stay in the area because of the event which equates to an additional 1,734 extra bed nights. Of these 6,458 (91 per cent) of the visitors said they would visit Scarborough again as a result of the event with 98 per cent of attendees rating the event overall as excellent or good.
“The averaged Total Direct Economic Impact to the town has been calculated as £710,730 and the averaged Total Induced Economic Impact as £1,048,849 to Scarborough town alone.
“We must not forget however that there were many more people lining the whole route through all the villages as well as in the Town of Whitby which would add to the overall economic impact to the borough.”
Should the council decide to express an interest in hosting a stage once again it does not mean it will be successful.
Organisers Welcome to Yorkshire has previously stated it would like to take the race to places that were not part of the 2014 Tour de France Grand Depart or last year’s race.