Swansea Council is to consider plans for a joint venture scheme with two local universities, which aim to transform the city's Dylan Thomas Centre into a new hub for creative industries.

The council's cabinet is due to discuss the proposals on 26 August, which would see a Memorandum of Understanding signed with the University of Wales (UW) and Swansea Metropolitan University (SMU) to progress the project. Proposals for the centre would include housing UW's Global Academy to deliver the Prince of Wales Innovation Scholarships in conjunction with small and medium businesses and higher education institutions.

UW's business subsidiary, Awen; a refurbished Dylan Thomas exhibition; a SMU-led catering operation and a new base for the Dylan Thomas Prize would also be located at the venue, as well as the Dylan Thomas Prize Educational Programme to promote creative writing in schools. A report due to go before the cabinet said: "The University of Wales has indicated that it will be seeking to progressively occupy an increasing proportion of the space at peppercorn rent in return for meeting the operational costs of the centre.

"There is clearly some detail to be resolved as to the financial model that delivers this to the satisfaction of both parties but the principle is a clear one." Swansea Council cabinet member for culture Graham Thomas said: "Plans would not only see the existing exhibition conserved and improved but could also include the accommodation of cutting-edge, creative industries at a time when we're looking to keep as many talented graduates as possible in the Swansea area."