WITHIN five years, the Tamworth university is expected to contribute up to $276 million to the local economy, while adding billions to New England's annual revenue within 15 years. The figures come from the University of New England's business case, which it submitted to the NSW government as part of a $43 million funding application, of which, $26.6 million was granted. The direct economic benefit is estimated to be&nbsp;least $176.5 million,&nbsp;and as high as $276 million. The construction of the CBD campus, which will be located at the old velodrome site on Peel St, is expected to create 200 jobs over three years, 160 of which are envisaged to be contractors from the local region. The business case also reveals the university hopes to double its student intake from 400 to 800 by its second year, and in five years grow its enrolment to 1400 student. READ MORE There are also plans for a second 100-person on-site accommodation block, at a cost of around $18 million, if there demand was sufficient. In the long-term, a university will add billions to the New England/North West economy. Without taking population growth in to account, by the 2035-36 financial year the region's total taxable income will increase from $4.7 billion a year to $5.6 billion. With the projected population growth included, that number grows to $6.9 billion. The flow on effects of the university would increase the average wage of New England by 30 per cent, lifting it from below the national average to above it in less than a generation. The average taxable income for the region sits at about $49,000, below the national medium of $55,000. By 2035, that's expected to rise to more than $62,000 with the addition of a university. Want to have your say? Click here to send a letter to the editor Tamworth University Reference Group chair Mitch Hanlon said the campus would be an "engine of growth". "It adds another economic leg to the table," he said. "Once established, we can leverage off other fields that reflect our regional strength." Mr Hanlon said down the track, the campus&nbsp;could have aviation or engineering degrees to compliment the growing airport precinct, equine and veterinary degrees piggybacking off AELEC or sports management and admin degrees training out of the Sporting Centre of Excellence. "The university will provide another anchor, but the local economy will provide the jobs,"&nbsp;he said. "It will start a positive feedback loop, but it needs a kick start. No university has ever been started without outside investment, whether it be a major donor or the government." The UNE campus remains $16 million short, after the state government unexpectedly backed down from providing the requested $43 million. New England MP Barnaby Joyce said he'd secured the remaining $10 million as a line item in the upcoming budget, however that funding was scrapped when it was discovered the state government add almost halved its commitment.