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16 June 2013, 06:20 | Updated: 16 June 2013, 06:26
It's hoped Soham railway station could re-open by 2017 - and attract new jobs to the town.
A business case is being put together for the plans, with the Department of Transport having the final say.
Funding needs to be found for the building of the station and the provision of additional services on the route, which is expected to cost around £6 million.
It's thought up to £490,000 in revenue could be made each year if there is an hourly service.
East Cambridgeshire District Council say the station is a key element of the Soham Masterplan.
They think it would support the town's growing population and help attract new jobs to the area, as well as providing direct rail links to Ely, Peterborough, Bury St Edmunds and Ipswich, along with the potential for a future direct link to Cambridge.
East Cambridgeshire District Council Leader James Palmer told us it's a priority for him, "For East Cambridgeshire to deliver our ambitious plans for the future, we must make sure the infrastructure is in place to support growth and development.
"This is why bringing a railway station back to Soham is so important - it will act as a catalyst for economic prosperity.
"The key is to develop a business case to ensure the necessary services can be provided to ensure a new facility would be viable.
"There will no doubt be issues to overcome as we move forward but it is highly encouraging that the financial figures look so positive."