A $15 million upgrade of Queensland Raceway is in the pipeline with Mayor Paul Pisasale set to meet Premier Annastacia Palaszczuk for funding talks.
Ipswich City Council is seeking matched funding of $7.5 million from the Queensland Government for stage one of what is a project of vast scope.
The council has an Ipswich Motorsport precinct master plan, marketed as the most significant of its kind in the Pacific and South East Asia.
It includes a $52.34 million expansion of Queensland Raceway, Willowbank Raceway and Ipswich Kart Club.
The plan includes a three-star hotel and motorsport infrastructure consisting of a central hub, speedway facility and off-road facility - a $42.74 million development.
A further investment of $127.54 million in industrial and commercial space and general infrastructure is also in the plan.
The plan's objective is to maximise commercial and economic benefits to the local and Queensland economy while supporting and facilitating Australia's burgeoning multi-billion dollar motorsport industry.
The master plan will establish community and commercial uses at the precinct, develop a sustainable funding model to finance operational and management activities and identify opportunities to upgrade services and identify funding opportunities to upgrade services and infrastructure.
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