Regeneration Minister Beverley Hughes is backing the bid to breathe new life into historic Manningham Mills.
She said the derelict South mill was a "sad reminder" of a once proud industrial area which had fallen into decline.
The Minister spoke out as Yorkshire Forward considers an application by Bradford Council for a grant to cover the purchase of the landmark which can be seen across the district.
Grandiose attempts to restore it with multi-million pound redevelopment schemes have failed but the Council wants to restore the mill and bring it back into community and commercial use.
But Yorkshire Forward says the plans must be viable if large amounts of public money are ploughed into them.
Beverley Hughes said on a visit to Bradford yesterday: "It is a very important landmark and I hope it can be preserved."
She also had high praise for Bradford's community safety partnership with the Council, businesses and other organisations working with the police to tackle crime.
On a tour of the city centre yesterday she met business people and visited the Youth Information shop in Broadway.
She said: "I was very impressed. I think the community safety partnership has made a big difference to trade and the feeling of security for customers. There is a real and genuine partnership here."
Council leader Councillor Ian Greenwood, who accompanied the Minister on her tour of the city, said the community safety project had resulted in a significant fall in crime and violence.
Meanwhile, Conservative front bench transport and environment spokesman Robert Syms was also in Bradford yesterday to address a meeting of the Local Government Association Urban Steering Committee.
He was told by leader of the Council's Tory Group, Councillor Margaret Eaton, that the road network in the district was worsening because of lack of investment by the Council and Government.
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