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The boost to the facility, which opened in 1991, will also include improved pool surrounds, a new community space overlooking the ice rink, and enhancements to the soft play area.
Plans are also progressing to replace water flumes later this year, providing new attractions for visitors.
Work on the investment programme will be delivered during 2026/27.
It follows the park closing for four months last year to allow maintenance work to be carried out on pumps and blowers for the waterfalls and river rapids at the park.
Councillor Geraldine Woods, the convener of the Communities Committee, said: “The Time Capsule has been at the heart of leisure and family life in North Lanarkshire for more than 30 years, and this investment demonstrates our commitment to its future.
“These exciting improvements will enhance the experience for everyone who visits, while creating modern, accessible facilities that encourage more people to be active and enjoy everything the venue has to offer.”
BBC News
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