Already £5 million has been set aside for new affordable homes to hep tackled the city’s housing crisis.
And a series of transport projects have been proposed for funding from the new Visitor Levy, including the revamp of George Street.
The latest batch of proposals focuses on Edinburgh arts and cultural sector, with plans for new funds to give more opportunities to existing organisations and encourage new ventures.
Culture and communities convener Margaret Graham said the levy - which comes into effect in July - offered the Capital “vast” opportunities.
She said: “Edinburgh is such a tourist destination, with a reputation throughout the world. This is going to give us an amazing opportunity to keep it in the forefront.
“We are all quite aware there are lots of cities in the UK that would love to be us, so we have got to make sure we stand out and we continue to be in the forefront of innovation with regard to culture.
“The amount of extra money this is going to bring in - it could be as much as £50m a year by the end of the decade - is incredible, so it's very important we spend that money sensibly.”
The culture and communities committee will debate the latest proposals on Wednesday, February 11, before the full council makes the final decision at a special meeting the following day.
Here are some details of what the council is planning on the arts and culture side, including funding to help complete high-profile major projects like the new National Centre for Music at the old Royal High School and potentially reviving the Festival Cavalcade and Fireworks Concert.
1. Ross Bandstand
The council is proposing a programme of free community events Ross Bandstand in Princes Street Gardens between April and September, paid for from a £1,565,000 Programming Fund. The council says the plan would restore the spirit of public bandstand in an iconic location, with "mid-scale contemporary music, theatre and cinema". | Google
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2. Leith Theatre
A £5 million contribution is proposed to the refurbishment of Leith Theatre, creating a new live music venue with a capacity of 1200. The theatre has not been in full-time use since 1983 and slowly fell into disrepair. Although it has hosted Festival and other events in recent years, the poor state of the building prevents it serving as a year-round venue. The Leith Theatre Trust has been working on a £10m restoration scheme and the National Lottery Heritage Fund has recently committed £4.2 million. | Leith Theatre
3. Old Royal High School
After all the controversy over previous plans to turn the former Royal High School into a luxury hotel, work is now under way on converting it to be a National Centre for Music. But the £77m project has a funding gap, which the council is proposing the Visitor Levy should help fill with a £3m contribution. The new centre will feature three performance spaces, rehearsal rooms, a recording studio, events and conference spaces, café and public landscaped gardens. It is expected to draw around 290,000 visitors a year. | TSPL Photo: Ian Georgeson
4. Visual Arts Hub
The City Art Centre and Fruitmarket Gallery, opposite each other in Market Street, would work together, with joint marketing and shared programming, under plans to create a Visual Ars Hub. Some £2.75m would be invested, mainly in internal refurbishment of the City Art Centre. Photo: Supplied