WEYMOUTH and Portland must grasp a vital opportunity to use the Olympics as a trigger to expand its economy, a meeting was told.

An early report on Olympic issues, priorities and costs went before yesterday's Weymouth and Portland Borough Council management committee.

The report also included sections which suggested that the Olympics could help the borough revamp its bucket and spade image.

Committee members were buoyed by news that more than £9 million worth of Government and Lottery cash is to be invested in the area to help Weymouth and Portland stage the sailing events.

Chairman Councillor Brian Ellis said it was not the borough's job to organise the Olympics but to ensure there was something left to benefit residents and visitors after 2012.

Chief executive Tom Grainger said: "I think this is a really exciting opportunity and I don't think it is wrong to use the expression.

"The Olympics are a great catalyst and if we don't take this opportunity then I think that people will rightly criticise us."

Councillor Doug Hollings described it as "a wonderful opportunity".

Councillor Mike Goodman said: "I am really excited about the vital concept of being able to expand our economic base with the Olympics as the trigger."

He said there could be a golden opportunity to encourage national service providers that they would gain a competitive advantage for the Olympic period if they were based in Weymouth and Portland.

He added that there would be clear benefits for the area if such companies, particularly hi-tech high wage businesses, could be given an incentive to base themselves here.

Mr Goodman said: "Weather forecasting is a classic example because whoever wants to win the contract to supply it for the sailing events - either the Met Office or a company - then they would have a clear advantage towards winning that contract if they could say they were based on site."

Members then approved several measures including using £11,700 from the council's Change and Improvement reserve to meet the cost of extra promotional and celebratory events.

This includes attendance at various boat and caravan shows including Southampton and London to market the borough as a centre for the location of marine businesses as well as highlighting the area's leisure attractions.