THE second circuit at Mount Panorama is one step closer to becoming a reality after another $2.5 million in funding was secured for the project.
Federal member for Calare Andrew Gee met with mayor Graeme Hanger at the Mount on Monday morning to announce that council would receive the money under the third round of the Building Better Regions Fund.
"This money is going to be used for construction of the new track and also stage one of the pits," Mr Gee said.
"It's another really important funding milestone. The scope of this project and the vision of this project is absolutely vast - it's $52 million."
Monday's announcement was not the first time that the Federal Government had made a financial contribution to the project.
It previously provided $10 million to council for the project, meaning the new funding has taken the total contribution to $12.5 million.
This money is in addition to the $15 million the NSW Government pledged several years ago and another $10 million council has committed from its own funds.
Mr Gee said the second circuit would be of huge economic benefit to Bathurst.
"Once it is complete, the economic impact of this project will be absolutely huge," he said.
"You're talking about 50,000 spectators being able to come and see races at the new track. You're talking at about 220-odd jobs that the track will bring to the area and the construction spend itself is over $50 million.
"There are very few projects around Australia that are truly transformative and this is one of them."
Cr Hanger welcomed the funding announcement on Monday, saying the money would help to further advance the project.
He said council would continue to pursue grant opportunities from higher levels of government to secure the remaining money required to complete the second circuit.
The second track will add to the other motor sport infrastructure already on Mount Panorama and further entice events and competitors to Bathurst.
"We just believe that Mount Panorama is unique throughout the world," Cr Hanger said.
"Drivers break their neck to get here to drive at Mount Panorama, because they've talked about it, their mates have talked about it and all the teams have talked about it."
Design work for second circuit is currently under way, with Apex Circuit Design awarded the tender in July of 2018.
Cr Hanger couldn't give a timeline for when construction work would commence, saying the project would have to go through a tender process after the design was reviewed.