While estimated costs for the full development of the site is $8 million, an election commitment by the Victorian Coalition earmarked $2 million of State Government funds for the project.
For the $2 million to become available, a proposal must be made to Regional Development Victoria including details of additional funding from council, private investment and the Federal Government as required.
The Swan Hill Drag Racing Club Vice President Lucas Woodburn said, "the club has worked long and hard to make this happen and we're all so very happy with the council's unanimous decision. But the hard work doesn't stop here."
"Next a proposal must be approved by Regional Development Victoria and fund raising strategies put in place to generate the additional $6 million to finance the entire project. We're moving in the right direction but there is still a ways to go."
Initial plans were for an eighth mile drag strip but those plans were extended to the full quarter mile. The club hopes is to run a number of regional events each season and one national size event, attracting up to 20,000 spectators to the area.
While no firm dates have been put in place for the project to begin in earnest, the Swan Hill Drag Racing Club is keen to begin before the end of the year and is committed to raising the necessary funds and assisting the Swan Hill Rural City Council where possible.
For a look at the history of the project see Swan Hill – On the downhill run to a new drag strip.