Motorcycling NSW lodged a development application on Tuesday to build a $12 million motorsport complex at Yerriyong, near Nowra.
Motorcycling NSW has spent $400,000 over the past five years on consultants' reports for the DA.
Shoalhaven City Council will buy the land for about $600,000.
Motorcycling NSW will lease back the land for $5000 per year.
The complex is expected to cost between $12 million and $15 million.
The project will create 23 full-time jobs during construction and 43 others.
According to independent modelling supplied by Motorcycling NSW, the venture could inject up to $30 million a year into the South Coast economy.
Motorcycling NSW general manager Daniel Gatt encouraged Shoalhaven residents to be involved.
"Whether you are for the project or against it we want everyone to look at the proposal and submit comments," Mr Gatt said.
Residents near the proposed site have raised concerns about noise and traffic and have campaigned against the location.
Mr Gatt said Motorcycling NSW wanted to be comfortable with its neighbours.
"We have met with residents in the immediate area and have responded to concerns," he said.
"Noise was an issue for some and as a result we have decided not to proceed with a speedway track as speedway bikes are significantly noisier than other competition motorcycles.
"We also won't be running events at night."