Councillors are set to sign off funding and contract agreements at a meeting next week (20 November).
Work to prepare the site is already well advanced with the main building work set to start in January as planned.
The world-class facility at Londonderry Lane in Smethwick will host the swimming and diving events at the Birmingham 2022 Commonwealth Games.
The building will also be a state-of-the-art leisure facility for Sandwell residents for decades to come, together with a brand new urban park, football pitch and children’s play area.
Final costings for the project have now been confirmed at £73 million.
Sandwell Council is contributing £27 million with £38.5 million coming from the Birmingham 2022 Commonwealth Games budget. A further £7.6 million is funded by other external partners Sport England, Black Country LEP, Sandwell Leisure Trust (SLT) and University of Wolverhampton.
Sandwell Council had already budgeted to build a new leisure centre for Smethwick and can now provide a much bigger, improved facility at a similar cost to the authority – thanks to additional funding brought in by hosting the Commonwealth Games.
The development of the aquatics centre will not only help inspire Sandwell residents to get active and live healthier lifestyles, it will also boost the local economy and bring job opportunities to the borough.
The final budget of the project reflects updated costs for groundworks, construction prices and contingencies built in by the council and the Birmingham 2022 Commonwealth Games budget.
When complete, the centre will have a 50m Olympic-sized swimming pool, a 25m diving pool and a studio pool along with 1,000 permanent spectator seats. Additional seating will be added on a temporary basis for the Games.