A design for the scheme at Killingbeck Meadows is being prepared and if approved, work could begin in 2018.
The Killingbeck Meadows Natural Flood Management Scheme would see an area of open land developed using natural improvements such as tree and vegetation planting as well footpaths to create a new public space.
The development would help control water levels from the River Aire during heavy rainfall and has the capacity to store almost 25,000 m3 of water. A valve system built into the design would release water back into the river system in a controlled way.
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In addition, around 2,000 new homes which are due to be built in the area would be protected from flooding, as well as existing properties along the Wyke Beck.
The projects cost would be met through Section 106 and other contributions from new developments in the area.
Cllr Richard Lewis said: "This is exactly the kind of regeneration we want to see in Leeds, with new housing delivering real benefits for everyone; especially the local residents. It brings everything together and comes to a practical, forward-looking solution. The additional flood protection will help to give people confidence in terms of moving into the area to live and also for businesses to invest in, while the new footpaths will make walking through the area even more enjoyable."
The project will be considered by the council's executive board at Civic Hall on Wednesday, 21 September.
(LM/CD)
