But the Conservative authority said it would be "premature" to produce a detailed business case.
BBC: RAF Coltishall: Lib Dems say council 'has no business plan'
The Conservative led authority is responsible for about 80% of local government spending, with the other local authorities providing the rest.
The Conservative-controlled authority said it had to ensure the safety of shoppers and traders.
BBC: Willenhall market traders fear effects of strike action
The Conservative-run authority said it was examining options for charging staff for permits in the future.
Councillors at the Conservative-controlled authority will debate the cuts at a meeting on 16 May.
The county council's Liberal Democrat group has called on the Conservative-led authority to make safety changes.
The Conservative-run authority said the plans, called Project Angel, would help to increases the town centre footfall.
The Conservative-led authority said it was aware of the "significant public interest" in the Javelin Park scheme.
The Conservative-led authority wants to generate an income through services that can be sold to the public sector.
The Conservative-run authority intends to replace the market surface with block paving and renew adjoining York stone pavements.
The Conservative-run authority said the proposals had been triggered by a surge of people moving into the county.
It is part of a partnership between the Conservative-led authority and Moorlands Housing.
Mr Holdcroft said the Conservative-run authority wanted "an urgent meeting" with the bank.
Richard Blunt, leader of the Conservative-led authority, said he would now write to residents to find a new solution.
The Conservative-controlled authority said it could be "influenced" about what services should be protected over the next three years.
If approved, the Conservative-run authority would write to Defence Secretary Philip Hammond to recommend that the issue be looked into.
BBC: Northampton council could join Walter Tull medal campaign
The Conservative-run authority also voted through a 1.99% rise in council tax from April at the budget meeting on Thursday.
The Conservative-run authority has written to the government over "additional route details" it said were only revealed at a community meeting.
Its figures show the Conservative-run authority employed 9, 997 people in April 2009, and this will have dropped to 5, 365 by April 2013.
BBC: Suffolk County Council workforce almost halved since 2009
Under the plans, the Conservative-led authority said it would not close any libraries but about 20, 000 opening hours would be cut from April 2012.
The Conservative-Independent authority's cabinet has recommended a 1.97% rise from April.
On Tuesday the Conservative-led authority revealed plans to raise council tax by 1.99% - just below the 2% threshold at which a local referendum must be held.
The Conservative-controlled authority said the road and embankments were showing "signs of serious wear and tear" which was being added to by vehicles ignoring the restrictions in place.
The Conservative-led authority hopes the move will lead towards a more consistent approach to enforcement and will free money to be spent on parking, roads and local transport.
The Conservative-led authority said it would train two new teachers.
Mike Bird, a Conservative on the authority for 22 years, who was voted out as leader of the council last October, said the running of the authority had become "an absolute joke".
On Thursday, the Labour-led council said it agreed to the reversal of cuts, introduced in 2011 while the authority was Conservative-controlled.
In September, councillors of the Conservative-Independent led authority voted 46 to 29 to postpone the move, but cabinet members decided to press ahead.
The dispute between Mr Murphy, a Conservative, and the authority stems from accusations relating to an email sent to the BBC by a political assistant.
Liberal Democrat Ms Watson, vice-chairman of the Communities Overview and Scrutiny Committee of the Conservative-Independent unitary authority, said she believed planning protocol and procedures were properly followed.
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