A plan to transform London into a world leader in medical research and engineering would bring more than 350 high-skilled jobs, but city politicians will first have to endorse spending $10 million to make it happen.

The mega-proposal, which is being called an unprecedented partnership and crucial investment in London's future, will be pitched at city hall on Monday

It would have its roots at the Western Discovery Park and be a partnership between city hall and the local medical sector.

London Mayor Joe Fontana says it has been in the works for months, “The health care community all coming together and saying here's one thing that we can do that will set us aside from any other place in the world.”

An $80 to $100 million investment would create the Convergence Institute and include centres of excellence in musculoskeletal disease, biomedical devices and image-based medicine.

The space for research, clinical evaluations, and commercialization of discoveries would generate about 350 highly-skilled jobs and an economic impact of $52.5 million.

Partners include Western University, the Lawson Health Research Institute, Robarts Research Institute, the London Health Sciences Centre and St. Joseph’s Health Care.

“This is a pillar proposal that we had put forward and I am happy to see that all the partners have been able to say let’s do something as one,” Fontana says.

But the plan all hinges on convincing city council to invest $10 million over 10 years from its Economic Development Fund.

And while it’s not without risk, there are already immediate commitments for matching money and the potential for huge returns.

Western University will match the city's $10 million with its own $10 million immediately, with a promise to raise another $10 million.

That $30 million would then be leveraged for matching dollars from federal and provincial programs to create $80 to $100 million for attracting biomedical companies and research.

Fontana believes it would raise London’s international profile as a natural home for medical investment.

“Make [London] a world leader in terms of health care, medical devices, medical research, and that will bode well for the future in terms of future jobs, future spin off opportunities.”