Council leader Cllr Steve Siddons said the submission of the business cases "is a momentous moment for us", after the two towns were first earmarked to share an investment pot as part of the Government’s budget announcement in March last year.
"Since the announcement a huge amount of work has been undertaken to identify and develop a range of suitable schemes for submission to Government. We're now at that milestone, with these 10 schemes which will prove game-changers for the fortunes of the borough," he added.
Scarborough Council had applied for £25m for each of Scarborough and Whitby from the Towns Fund but instead the two towns will share a pot of £37.3m. Scarborough is set to get £20.2m and Whitby £17.1m.
The projects in Scarborough for which business cases will be submitted are:
Fablab Plus, an innovative digital facility; Scarborough Fayre, a year-long events programme and infrastructure; West Pier, a comprehensive redevelopment to support the fishing industry and tourism; Walking and Cycling, development of the Cinder Track from the town centre out towards the north of the town; Station Gateway, a redevelopment outside the Railway Station; Wild Eye, help local people and businesses engage in nature through art and technology.
A report prepared by council officers for the cabinet said: "The business cases represent a significant milestone in the aim of Building a Better Borough and will help to deliver long-term economic growth to support our communities. These projects cover key themes such as skills and enterprise, cultural activities, the environment, connectivity, well-being and sustainability.
"These 10 projects will deliver better outcomes for residents by making our town centres more vibrant and alive while building on the cultural heritage for which the borough is famous.
"Considerable attention has been given to emerging green technologies and environmentally friendly projects alongside a focus on giving access to new skills and training that will help our communities to thrive."
The meeting heard that there will be further consultation with the public and car parking will be retain on West Pier.
Further detailed and technical design is still to be carried out to support the initial business cases.
The council's Projects Manager, Helen Jackson, said the businesses cases will be submitted to the Department for Levelling Up, Housing and Communities by March 24 and that they expect to receive a reply on the release of funding in June this year.
“There is a lot of work still to be done before we actually see things happening. However the two early projects that we submitted prior to Christmas; the Scarborough Cricket Club work has already started and work will soon start on the Green Construction Skills Village at Eastfield," she added.