The project is the culmination of years of dreaming and negotiating by Lyndon Hardman and other resident owners of classic car and motorbike collections, including Eric North.

Mr North is the Australian Transport Museum committee's secretary. He has spent the summer working with Alun Davis of the New England Visions group and Regional Development Australia to complete the development application and a federal grant application for $6 million.

The committee missed out on two grants applied for in 2021 mainly because its project was not deemed 'shovel ready'.

The committee will lease 5,000 square metres of land in the new airport industrial precinct from the council for a peppercorn amount.

"We addressed the fact that council has given us proper permission to build on the land," Mr North said.

"And with the quote from Rice Constructions, we can certainly demonstrate that when we get the money, they can complete the project."

The grant criteria require 50 per cent equity of the amount applied for, which the committee does not have; however, Mr North said they had asked for exceptional circumstances given the flat economy of the town.

"We can't raise that equity, but because of the loss of so many jobs at the university, affecting the whole economy of the town, we are saying that, unless we get the diversity of tourism, the town's going to suffer even more," he said.

As well as using local builders and suppliers for the construction, Mr North said the museum would encourage tourists to visit and stay longer in Armidale, injecting much-needed tourism dollars into the local economy.

It is 40 years since Lyndon Hardman and his brother Des hatched the idea and 11 years since the Australian Transport Museum group formed to create a 'world class' transport museum in Armidale.

Featuring more than 80 vehicles that can be viewed from all sides, the museum will be situated to link with Saumarez Homestead near the Armidale Airport.

A 1961 Sunbeam Harrington Le Mans, a Maxwell Smart's Sunbeam, a James Bond Aston Martin DB5 and a Roger More Saint's P1800 Volvo, are already among the museum's collection. Once established, the museum will house everything from horse-drawn vehicles and military transport to motoring memorabilia.

Aviation memorabilia, a rotating collection of rare vintage and classic cars and short term non-transport related exhibitions will provide something for everyone, keep the displays fresh and encourage repeat visits, Mr North said.

The business case for the museum says it will inject an additional $2.9 million of new expenditure and create 22 new jobs in the Armidale economy.

More than 18,000 visitors each year are expected through the doors at the venue, which will be open every day and manned by volunteers in the first 18 months.

"In the second year of operation, we hope we will be able to employ a full-time manager and probably a part-time assistant as well," Mr North said.

The development application approval from council is expected to take six weeks. Once building begins, it is estimated to take 12 months, although it is not known when the committee will learn the fate of its latest federal funding request.

"I expect they will announce the successful applicants before the next election takes place though," Mr North said.

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