If successful it'll get a share of 10 million pounds of national investment and will co-incide with a £76 million, 4000 capacity venue in the city centre.
The local authority will work with places such as Stadium MK and Milton Keynes Islamic Arts and Culture.
Plans will also include creative apprenticeships for young people and "Culture Kids MK" which will offer every baby born in 2029 five years of free cultural access.