Bathurst newspaper the Western Advocate has revealed details of the proposal, which is headlined by safety improvements.
They include a full resurface of the 6.21km circuit, increased fauna fencing and an electronic warning light system.
Deputy mayor Ben Fry is spearheading the pitch on behalf of the cash-strapped council and is working closely with Supercars and Motorsport Australia.
The Bathurst council previously sought a $15.8m grant through the Regional Precincts and Partnerships Program but was unsuccessful.
Fry told the Western Advocate the plan aims to future-proof the venue for decades to come.
“To be transparent, this list has no ceiling, so we’ve created everything we wish we could have into one big list, with a weighting system that prioritises safety over potentially functionality, or aesthetics, or crowd experience,” he said.
“Definitely crowd experience and tourism-centric projects are further down the list and we’ll be approaching the relevant ministers for those as well at a later date, but safety has always been prioritised in compiling this list.”
Supercars and Motorsport Australia are said to have provided their expertise to the proposal.
Safety at Mount Panorama has been in the spotlight this year following two major accidents at the Bathurst 12 Hour in February.
A kangaroo strike on Conrod Straight and a multi-car crash at Forrest’s Elbow strengthened calls for more fauna fencing and an electronic warning light system.
Another major crash occurred under yellow flag conditions during Easter’s Bathurst 6 Hour.
Bathurst council meanwhile began pitching for a full track resurface in 2024, a decade after its most recent undertaking.
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