Council bosses want to employ a chief executive to head the much-criticised Preston Vision Board and bring millions of pounds of regeneration cash into the city.

Councillors are being asked to agree to make the board a limited company – known as Preston Vision Ltd – to give it more clout and make it more accountable.

The public-private sector body has helped to attract £14m of North West Development Agency (NWDA) cash to Preston since 2005, with several million more in the pipeline.

Jim Carr, chief executive of Preston Council, said he hoped the new organisation would attract £18m-£20m in the first three to four years of its life.

He said: "The idea is to have a high-profile chief executive who can relate well to the private sector and negotiate with potential developers with the aim of attracting entrepreneurs into the city.

"We will be able to use the NWDA money but we need private sector investment too, so we need an individual who will relate well to that agenda.

"As yet, we haven't agreed a job description or remuneration package but I'm pretty sure the board will want to attract the best individual they can and the best they can afford."

Council leader Ken Hudson fears that without the extra powers, the vision board will be out-done by similar organisations in Blackpool and East Lancashire in the competition for NWDA money.

He said: "It's absolutely vital that Preston seizes the opportunity that is now presenting itself."

Leading figures at John Lewis, Grosvenor and Lendlease – all central to the £700m Tithebarn project – will be invited to join the new organisation, along with representatives from Preston Council, Lancashire County Council and the university.

South Ribble Council would also be asked to put someone forward as a company member.