Cornwall Council has submitted a £16 million funding bid to the Department for Transport for a major transport scheme that would generate investment opportunities worth more than £300 million.
The £27 million Camborne Pool Redruth scheme is forecast to release more than 5,500 new jobs and 7,500 homes over the next 20 years.
The road will provide a new East West link from Dolcoath to Dudnance Lane across the Red River Valley and from Dudnance Lane to Wilson Way.
The scheme is backed by local MP George Eustice, who said: “This investment has the potential to provide a significant boost to the economy of the Camborne Pool Redruth area.”
Graeme Hicks, Cornwall Council’s cabinet member for Highways and Transportation, added: “The Government Spending Review in 2010 reduced the amount of money available for schemes. In response the Council has worked hard to reduce the cost whilst still achieving the scheme objectives.
“Not only have we had to reduce the funding contribution expected from the Government but we also have to compete against 44 other schemes nationally.
“We have submitted what we think is a very strong bid. It is now for the Minister to decide what he will fund.”
Nigel Tipple, chief executive of Camborne Pool Redruth Regeneration Company, said: “The Barncoose Link Road and recently constructed East Hill junction improvements have unlocked the employment potential of key development sites in CPR.
“This further investment, if approved, will assist in attracting further investment and much needed jobs in the area. Delivery of the major scheme would provide access to key employment and housing land.”
The Minister’s decision is expected by the end of the year.