Hopes for £15m Loughborough inner relief road plans
Up to £15m could be spent on a new inner relief road in Loughborough under plans re-submitted to the government.
Leicestershire County Council hopes the road will reduce traffic and bring more business to the town centre.
The council will find out in December if it has been successful in bidding for a share of £600m from the Department for Transport.
The project was given permission in 2007 but put on hold following the government's spending review.
The road would connect parts of Loughborough separated by the A6, and was first proposed in the early 1970s.
The market place area would also be pedestrianised, a move which the council said it hoped would reduce pollution and cut accidents in the town centre.
Project manager Bernard Evans, who has been working on the plans for the past 10 years, said: "We're hoping to improve the footways, make better bus facilities and hopefully bring new investment into the town.
"Hopefully we're getting to a point where we are making it a reality. We can't stop trying, I believe it's the right thing to do."
Loughborough MP Nicky Morgan said she supported the project.
However, if Leicestershire County Council is not successful it will have to look at other options to regenerate the town.
The county council said it hoped work could start on the inner relief road in autumn 2012 and be completed by spring 2015.