The EARLY Community Trust Company Ltd was launched on Monday night at the Brackenborough Hotel’s new Tennyson Suite - with EARLY standing for Education, Advancement, Recreation for Lincolnshire Youngsters.
The plan is to develop land on the Fairfield Industrial Estate to include a new home for Louth Town Football Club, a 10 lane bowling alley, three squash courts and a BMX cycle track.
A planning application for the site is due to be submitted to East Lindsey District Council in the next few weeks.
The five acre vacant plot of land is currently owned by ELDC and they would sell it for the development on condition of planning and funding being in place for the project.
A donation of £75,000 has been given to buy the land by GBM UK.
Funding for the development itself would come from other sources.
The directors of EARLY are Dudley Ramsden, Lee Freeman, Mark Roberts and Ian Blakey.
Mr Blakey described it as a ‘great opportunity’ for the town and the area.