The cash will help with upgrading work at the Esplanade venue which has been brought back into use since a trust took the helm.
It came from the Scottish Government and was one of a number of allocations made by councillors on the policy and co-ordination committee last week.
A huge amount of work has already gone into refurbishing the waterfront building which has given the town a new live venue.
“We acknowledge the huge support from previous funding and this has allowed development towards tenancy on the first floor while developing a diverse and varied programme as a venue for arts and culture in the town. “He said phase one would be finished within days and volunteers as well a representatives from the groups working with the Kings would soon be able to see it for themselves - plus the work that has gone into refurbishing 262 High Street which sits on the corner next to the former cinema.
The former shop has been empty for many years, but now a number of creatives are showing an interest in moving in.
The Kings is also gearing up for a number of live shows.
Gillian Duffy's new touring comedy play Two’s Company is on stage on May 24, while La Dolce Vita Swing Collective return with the hits of the Rat Pack era on June 11 which will also close the Adam Smith Festival weekend currently being finalised.
Langtoun Jazz Festival has six shows scheduled for on June 25, and the Fife Cabaret Festival has just been announced for July 28-31 with international acts including aerial, burlesque, comedy, magic, dance and live music.
Gordon Mole, head of business and employability, said: “Fife's centres have a lot to offer and this will help us diversify and flourish as we recover from the challenges of the pandemic and continue to grow our local economy."