DriveIt NQ has received a significant boost courtesy of a $10 million pledge from the Queensland Government.
Premier Annastacia Palaszczuk today visited the site of the new circuit, located some 40 km from Townsville, along with a number of other dignitaries.
Taking to its Facebook page to make the announcement, DriveIt NQ confirmed it will receive a $10 million injection.
“We are proud to announce that the Queensland Government has pledged $10million towards the completion of DRIVEIT NQ,” it announced.
“This morning, Premier Annastacia Palaszczuk MP along with Scott Stewart MP – Member for Townsville, Aaron Harper MP and Les Walker received a personal tour of the site and the newly bitumen laid LVMA pad.”
The community-driven project had called for State Government investment after receiving $12 million from the Federal Government, and assistance from local government through a peppercorn lease on the 300 ha parcel of land.
DriveIt NQ Director, Pat Driscoll, previously told Speedcafe.com that investment from the state would help the project develop beyond a barebones facility.
“For $12 million they’re gong to buy $35 million of economic benefit for Townsville,” Driscoll said earlier this month.
“That’s a good (return on investment) no matter which way you look at it.
“It’s not a business profit, it’s an economic benefit and government’s need to invest in economic benefit.”
Construction on the racing surface itself is set to begin before the end of the year.