Deputy Premier John Barilaro was in Bathurst on Wednesday to pledge $10 million for the Velocity Park project at Mount Panorama.

The funds were in addition to $5 million already allocated by the NSW Office of Sport.

Velocity Park is a $52.4 million project that will bring a second motorsport circuit, suitable to cars and motorcycles, to Mount Panorama. It will also bring associated industrial and commercial development.

The project is expected to create 220 jobs, provide economic opportunity and accommodate up to 50,000 racegoers.

MPSCAG member Lachlan Sullivan said it was almost seven years ago that group members first pitched the idea of a second circuit on the Mount to the then Nationals candidate for Bathurst Paul Toole.

“Politicians get hammered for not listening to constituents, for being out of touch, well in this instance, Paul Toole did listen, [he] saw the potential of the project,” he said.

“This additional $10 million funding, on top of the previous grant of $5 million he has procured from the NSW State Government for the Velocity Park proposal, makes our shared dream one step closer to reality.”

Member for Bathurst Mr Toole said a second track at the Mount was a project that he has always believed in and one that he said would create opportunities for the region.

“This is probably one of the largest regional investments that we’re going to see,” he said. “I want to see it happen, I want to see people get on with it now and we want to see it delivered.”

MPSCAG member Robert 'Stumpy' Taylor said once complete Velocity Park would be a “terrific benefit”.

“You’ve got to remember that it’s going to be a huge benefit to the town through industry,” he said. “I know there’s a lot of knockers there at the moment ... but this track can be used all year round where as the current one we’ve got can’t.”

Bathurst Regional Council will contribute $10 million to the project, it has also applied for a $10 million federal grant, with the remaining $17.4 million still to be found.