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Thanet council is to risk up to £4 million in plans to build the world’s first heritage amusement park, after councillors agreed the dangers of not investing were even greater.

The authority will plough £2.2 million into the redevleopment of Dreamland, with the option of borrowing a further £1.8 million if alternative funding cannot be found.

Newly-appointed council leader Cllr Bob Bayford said there were a “number of risks associated with the venture” but said the plans were a “once in a lifetime opportunity” to breathe new life into Margate seafront.

It is hoped the exciting new attraction, which will feature a host of historic rides, many of which are the last surviving examples of their kind, could attract up to 700,000 visitors a year.

Cllr Bayford said: “The residents of Thanet would never forgive us if we didn’t at least give this project a try.” His comments were echoed by Cllr Clive Hart, the leader of the opposition, who said: “It’s far from ideal and I have grave concerns about the financial implications for the council and the deadlines for the project.

“But local people are desperate for something to happen on the Dreamland site and we have to keep our fingers crossed that these plans will succeed.”

The most vocal opposition to the plans came from Cllr David Green, the Mayor of Ramsgate, who questioned the viability of the theme park and its implication on other building projects, including a new swimming pool in Ramsgate.

Councillors were warned that an emergency budget, due to be announced by the new Conservative administration within weeks, could affect the £3.8 million grant awarded last November by Labour under the Sea Change programme.

The Tories have pledged to make savings of £6 billion this year, although Richard Samuel, chief executive of Thanet council, said he was confident that funding committments that have already been made would be unaffected.

It is hoped that building work at Dreamland could start later this year, with the amusement park opening in time for 2012 summer season.

Funding for the £12 million project is coming from the government’s Sea Change programme and the Heritage Lottery Fund, with campaigners hoping to secure money from English Heritage, Arts Council England, SEEDA and Thanet Works.

The leader of Thanet council or his nominee will sit on the Dreamland project board, councillors decided at an extraordinary general meeting last Thursday evening (May 13).

Previously, only the chief executive had represented the local authority at meetings.