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NSW Budget: Funding Boost for Velocity Park plan in Bathurst
The plan to build a second world class motorsport-racing track at Mount Panorama in Bathurst is now sitting in pole position, with the NSW Government today announcing new funding for the Bathurst VeloCity Park precinct.
Deputy Premier and Minister for Regional NSW, John Barilaro, NSW Treasurer, Dominic Perrottet, and Member for Bathurst, Paul Toole MP, announced an additional $10 million in NSW Government funding for the VeloCity Park project.
“This $10 million in the 2017-18 Budget is additional to $5 million already allocated by the NSW Office of Sport, bringing the NSW Government’s investment in the project to $15 million and boosting our commitment to this important economic driver for the community,” Mr Barilaro said.
“Mount Panorama is already one of the world’s most exciting venues for motor racing and the VeloCity Park project will grow its enviable status as a tourism and sporting hub in Australia.”
Mr Perrottet said the proposed VeloCity Park precinct will ensure that racing fans across the globe will be able to enjoy year round entertainment from the iconic racing precinct.
“We continue to see strong economic progress across regional NSW and VeloCity Park will create growth across a number of local sectors,” Mr Perrottet said.
“VeloCity Park would generate business opportunities for a wide range of regional industry sectors and new local hospitality, retail, trade and manufacturing jobs.”
Mr Toole said the local Bathurst community strongly supports VeloCity Park and the economic and social benefits it would provide to the region.
“All levels of government have shown strong support for VeloCity Park and most importantly, the project has the backing of the motorsport industry,” Mr Toole said.
“Bathurst Regional Council’s proposed $52.4 million VeloCity Park precinct will be built on 668-hectares alongside Australia’s spiritual home of motor vehicle racing, Mount Panorama, and will consist of a new track as well as accommodation and hospitality facilities.”
Bathurst Regional Council has committed $27.4 million toward the project and is seeking $10 million in Commonwealth support to fully fund its construction, which is expected to take two years.
Several consortiums have indicated interest in designing the new circuit, which will be able to accommodate both four and two-wheeled international level motorsports such as V8 Supercars, MotoGP and Superbike World Championship events.