The investment, which is being made as part of the council's Tarbert and Lochgilphead Regeneration Fund, will help boost the local economy, create jobs and regenerate areas.
Members of the Policy and Resources Committee have agreed the final list of six projects should now be progressed, subject to full business case approval and further feasibility studies.
In Lochgilphead, improvements to the Front Green would be allocated £1.42 million and include new surfacing and seating, landscaping, replacement children's play facilities and consideration of flood protection measures.
In addition, £500,000 has been earmarked to work with Scottish Canals to redevelop the former Gleaner oil depot in Ardrishaig. The first phase would focus on the refurbishment of the shore side Egg Shed building to be used for a range of businesses including food and drink, crafts or artist workshops. The second phase will include a mix of housing and business space.
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Improvements to visibility and safety at the Barmore Road and Garvel Road junction in Tarbert would cost £410,000, allowing the possibility of a new development to be accessed from off this junction. Elsewhere, £230,000 is to be contributed towards improvements at Tarbert Harbour, working with the Tarbert Harbour Authority to deliver new offices, additional car parking and toilets and enhance facilities for users.
£110,000 will be used to fund pavement improvements in Argyll Street, Lochgilphead between Colchester Square and the junction with Lorne Street and Union Street. A further allocation of £330,000 is proposed to carry out upgrades to the public realm in Ardrishaig, between the North and Public Hall and the boatyard. Landscaping to the garden and shoreline areas as well as the shops and offices facing Chalmers Street would also benefit from this investment.
Council Leader Aileen Morton said: "The council set up the Tarbert and Lochgilphead Regeneration Fund to boost the economy of Mid Argyll through a number of projects that matter to the local community.
"These initiatives should make a real difference to the area, creating opportunities for businesses, residents and visitors.
"This major investment by the council is all about driving forward the economy of Mid Argyll for the benefit of local communities now and into the future."
(LM)
