A new £10m multi storey car park close to CMK rail station is set to be given the green light by the council.
Councillors are due to vote next week to start building the 700 space facility during the winter, for completion in late 2018.
Officers considered whether it would be best for the hard-up council to scrap the plan or encourage another provider to build the car park instead.
But their recommendation is that the council build it and operate it themselves.
The capital cost will be met through “prudential borrowing”, with repayments coming from the parking surplus account - the money the council earns from parking fees.
Currently the site, which is off Avebury Boulevard, is a surfaced car park with 120 spaces.
It is owned by Milton Keynes Development Partnership, who currently lease it to London Midland.
The council will lease the land off MKDP, which is their own commercial company, and will employ contractors to design, build and operate the site.
The officer’s report said the new multi storey would not only provide more parking spaces, but also demonstrate the council’s commitment to meeting the demand at Central Milton Keynes and supporting the local economy.