North Devon councillors are being advised to accept the offer from Damien Hirst of a huge statue of a naked pregnant woman wielding a sword at the entrance to Ilfracombe harbour.
The statue, called Verity, could be moved into place at the start of October.
The executive committee of North Devon Council will decide next Thursday whether to accept the offer from Mr Hirst. They will meet the day after the council's planning committee decides whether to grant planning permission for the statue.
In a report to the executive committee Ellen Vernon, the authority's economic development manager, says: "The offer of the loan of Verity, a significant and unique artwork created by the world's greatest living artist, is felt to be of immeasurable value to the community of Ilfracombe in terms of its regeneration value and potential to improve the town's tourism offer.
"Costs associated with Verity are of sufficiently small scale to be felt to be reasonable for the regeneration benefit expected, and in addition car parking revenue would be expected to increase so offsetting such costs.
"In the medium term it will be important to be bold in altering Ilfracombe's car parking strategy, including identifying additional capacity."
A suggested timescale would see the statue brought to Ilfracombe on October 3/4 and hoisted into place on October 17/18.
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