The funding has been earmarked to deliver stage one of the stadium including playing courts, change rooms and multi-purposes areas.

A further $3 million is required for construction to start with the site also identified as a possible home for an aquatic facility in future stages.

"An expansion area for an additional two courts is proposed as the town grows," Moira mayor Libro Mustica said.

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"There is a concept plan showing how an aquatic facility can be added to the stadium in the future.

"It will provide a fabulous venue for schools, sporting and community groups in Yarrawonga and Mulwala and complement the planned growth of the adjacent P-12 College and the existing outdoor netball courts.

"The overall scale of the building will support Yarrawonga hosting major events and conferences.

"The facility will be designed as a modern and contemporary multi-use stadium that is welcoming and flexible in design to accommodate a wide range of uses."

The Victorian government scheme provides low-interest, government-guaranteed loans of between $500,000 and $10 million to councils, clubs, associations and facility managers to develop high-quality community sport and active recreation infrastructure.

"We are still pursuing additional grant opportunities through the Victorian and federal government and are optimistic we will have the funding mix wrapped up in the next few months," Cr Mustica said.

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