The Wagner Corporation is behind the Wellcamp Entertainment Precinct project, which, if built, will include a world-class race track, driver training facilities and a 40,000 capacity performing arts centre.
The proposed name is the Will Power Centre for Motorsport and Driver Training Excellence, a nod to the Indy 500 winner who grew up in the regional Queensland city.
Much of the funding is already in place, with the Queensland state government committing $40 million to go with the $95 of capital already pledged by the Wagner Corporation.
According to Queensland treasurer Cameron Dick, the state government hopes the federal government will tip in the rest.
“This project would support 130 jobs during construction and up to 2,500 jobs when hosting major events,” said the treasurer.
“The Palaszczuk Government supports the project with $40 million and today we call on the Federal Government to match this."
Motorsport Australia CEO Eugene Arocca said the venue would benefit all levels of motorsport in Australia, from grass roots to Supercars and even beyond.
“Motorsport desperately needs more permanent venues in this country, and one such as that planned by the Wagner family will bring enormous social, economic and community benefits to the people of the Darling Downs and Queensland in general,” Arocca said.
“The circuit design has the potential for the venue to host international and even World Championship motorsport events, something sorely needed in this region.
“Today’s announcement of a $40 million contribution by the Queensland Government is the largest investment by any government in a permanent racetrack in Australia’s history. The State Government clearly recognises the major economic benefits of motorsport in this country."
The project also has the support of FIA president Jean Todt.
”Having visited your country on many occasions, I am aware that there is an urgent need for more permanent motor racing facilities,” Todt added
“The FIA is strongly supportive of this exciting project.”
Toowoomba is located approximately 125 kilometres inland of Queensland capital Brisbane.