The concept masterplan for the precinct, which was half-funded by Tasracing, was released on Thursday.

Within the masterplan, Tasracing outlined proposed infrastructure spending of $2.6 million, with a further $1.5 million of additional funding for an equine multi-use facility.

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According to Tasracing chief executive Paul Eriksson, about $700,000 of the proposed infrastructure spending would be funded by a one-off infrastructure grant from the Tasmanian government.

Over the past three years, Tasracing had spent $484,000 on various infrastructure improvements at Longford as well as about $400,000 a year on maintenance and occupancy costs at the facility.

The Tasmanian racing industry and the Longford community will be consulted on the draft concept masterplan, which Mr Eriksson said was part of a broader $47 million five-year infrastructure plan for the industry that Tasracing was finalising.

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"These projects, which will be discussed directly with industry, are all designed to ensure Longford continues to play a key role in the thoroughbred training landscape in northern Tasmania," he said.

"While it hosts one race meeting on New Year's Day annually, the Longford Cup, outside of that race meeting, the track conducts an average 18 trial meetings a year, and operates as a training facility all year round."

Mr Eriksson said the company and the council were keen to ensure the ongoing viability of the Longford Racing Centre. Northern Midlands Mayor Mary Knowles OAM said the plan recognised the historical and recreational importance of the Longford racecourse.

"The Master Plan ensures any development of the area will be in keeping with the role and function of the racecourse," Cr Knowles said.

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The masterplan included the potential for 84 stables with day yards, an 800-metre chute for horse trialling, a polo field, as well as an equine pool, bull ring, treadmill, and sand walking area.

The plan would also include parking and equine transportation facilities, four large pavilions, an undercover equestrian centre, drainage works, as well as the closure of Brickendon Street to deliver separation between the track and horse movement.

This news comes months after a developer planning to subdivide 6.25 hectares of land for 44 lots near the Longford Racecourse disputed claims it would cause conflict between housing and racetrack users.

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