Bathurst Regional Council launched the EOI process on Tuesday, inviting suitable organisations to come up with "financially sustainable proposals" to revitalise the William Street site.

EOIs will be accepted until February 2022.

Council will approve a shortlist and ask the preferred proponents to prepare and submit detailed design proposals in mid 2023.

A final design would be selected later that year, and construction could commence the year after that.

Any proposal would need to be privately funded, but council will consider part-funding a project.

Council resolved to pursue an EOI campaign in May of this year, with council staff taking the last few months to prepare criteria.

Mayor Ian North welcomed the launch of the EOI process on Tuesday, saying it was "very satisfying" to see progress being made on plans to redevelop the precinct.

He stressed that council would be approaching the process with caution, acknowledging that it has just one chance to get it right.

"The biggest thing, with a building with the significance of this, is that we can't rush it. We've got to get it right," he said.

"I know there has been criticism that we haven't done enough in the past, but I think everything has its timing and the timing is right for this to look for an option."

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Council has said that adaptive reuse of the former TAFE and headmaster's house is "the only option".

Demolition or significant alteration of the heritage areas won't be possible, and any new buildings will need to complement the site.

Both council and Cr North are encouraging community use to be incorporated into any proposals.

"It's definitely going to need a lot of modifications to it, but I think there's a really good chance here that it could be a community and a private sort of usage," he said. "And I think when you look at the fact that we have the headmaster's cottage and all the land back in behind, it's going to be interesting what people's ideas are."

Information about the EOI process will be on the YourSay Bathurst website.

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