Interested businesses wanting to expand or relocate into Bomen will now deal directly with Wagga City Council in a move that takes third party enterprises out of the equation.
Council has purchased a 251-hectare parcel of land between the rail line and the Olympic Highway, which is being touted as a step forward in the development of the Riverina Intermodal Freight and Logistics Hub and the Bomen Business Park.
Wagga mayor Greg Conkey said the purchase of the land will align council and the NSW government's strategies to create an attractive precinct for industrial investment.
"I've been on council now for almost seven years and this is one of the top three decisions that the council, I have been involved with, has made," Cr Conkey said.
"This decision to purchase 251 hectares of prime industrial land at Bomen, part of our activation precinct, will enable us to deal directly with industries interested in establishing out at Bomen.
"I think that is a great move and a game changer for this community and city."
This addition of land will increase council's ownership of undeveloped land to 331 hectares, as they already owned 80 hectares.
The state government identified Wagga as a Special Activation Precinct and general manager Peter Thompson said the first benefit to the community will be soon.
"The income we will receive from this initiative will reflect the partnership we have with the state government and we've bought greenfield land at prices that reflect land that is not developed," Mr Thompson said.
"The state government will provide funding to develop that land and then we will make that land available to the market and we may rent or sell it, but importantly we will get a premium from that investment to the city of Wagga enabling the community to benefit.
"I expect within a relatively short period of time, that the first benefit you'll see is the government supporting the construction of the industrial precinct with the state government funding of $30 million on the basis that there is no third party benefiting from it."
Mr Thompson said once the law is passed, businesses will likely start making the move to Bomen.
"Businesses are probably holding off expansion or relocation plans because they're looking for the Special Activation Precinct to become law, because it will be easier for them to gain approval in comparison to the current planning regime," he said.
Mr Thompson said this initiative is not just council and state government orientated, but one that is supported by key stakeholders within the community.
"Recently we've sat down with a potential global investor initiative and there were people from Melbourne and Sydney, as all as TAFE and CSU," he said.
"It's not just council that is trying to progress the Bomen initiative, there are other key stakeholders that are delivering good options for the people who live here and come.
"The university is pivotal to that and it's great that they're sitting at the table and looking at how they might tailor how their offerings are to the education sector on the back of what industries might be moving out here."
Mr Thompson said it is hoped that the northern and southern bypass will be funded as part of the state government's $4.2 billion Snowy Hydro Legacy Fund.
"Wagga is heralding to the world that this is the best industrial area on the eastern side of Australia," he said.
"We're working on logistics with the state government and we have plans in place but it's only in discussion.
"It's about the growth of Wagga and that's where the bypass would come in and it would be unthinkable, and while it's not happening, that we would develop that land out there and not pay regard to what the transport demands are for that area."
Due to privacy reasons, council would not disclose the price of the land sale.
Cr Conkey said council has received a lot of inquiries regarding the land purchased and he expects activity within the next 12 months.
"It will certainly make it a lot easier for factories and industry to deal directly with us as we don't have to go to a third party to negotiate a price," he said.
"We will be involved from day one and determine what industries will go out there without anybody else being involved.
"Inquiries have come from the big end of town and we're very impressed and happy with the inquiry and hopefully within the next 12 months there will be activity at Bomen."