WODONGA and District Turf Club is planning one of its biggest redevelopments with a 400-seat function centre the major plank of an $8 million upgrade.
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The proposed function centre would be built above the bookmakers' ring and overlooking the track and located alongside the existing grandstand which would remain untouched.
The club will be applying for $4 million in federal government funding early next year and hopes to attract further financial backing from the racing industry, club funds and other levels of government.
The $8 million sought would be sufficient to complete the first three stages in a suite of upgrades worth an estimated $16 million.
Further works include changes to improved pedestrian flow, updated amenities building and an upgrade to the large exhibition centre also located at the racecourse reserve.
Club general manager Tom O'Connor said the improvements would make the racecourse an even better event space for the city.
"It is already a major multi-use complex, but the time has come for an upgrade," he said.
"Part of the business plan we've put together is for Wodonga to be a bigger player in the conference, event and workshop market.
"We've identified there is presently a gap in the market in Wodonga for the type of facility we want to create."
An enclosed function centre would also be a safeguard on bad weather days.
Revenue from last year's Boxing Day meet was down $40,000 with early rain a turnoff for punters.
The club stages up to 10 meetings per year, but also plays host to a three-day caravan and camping expo which attracts 15,000 people over three days.
Wodonga Council's annual children's fair is also staged at the racecourse with regular attendances of more than 10,000 people.
Last year the Ulysses motorclycle annual meeting was also held at the racecourse and pulled a crowd of more than 3500 people.
The club will be applying to the Better Regions funding program which has replaced the National Stronger Regions program.
The federal government has allocated $297 million over four years to the hotly-contested program which now excludes projects in metropolitan areas.
Wodonga Council was successful in securing $10 million from NSRF funding program for further works in the central business district including Junction Square.
But it missed out on another $10 million bid to help make a start on the Baranduda Fields sporting complex.
"We're in the process of leveraging funding from various sources," Mr O'Connor said.
"The racing industry is a great vehicle to bring multiple levels of government together to get a great outcome on a project this size."
