OXFORDSHIRE County Council is continuing to negotiate with developers despite a deadline passing to return £11m of Cogges Link Road cash.
The Witney road scheme, which collapsed last year, relied on £17.23m funding promised for infrastructure in the town by developers of housing estates.
But almost £11m was due to be returned on January 2, becuase of spending deadlines in the developer contracts.
County council leader Ian Hudspeth said: “We are negotiating with developers and we want to retain the money for schemes within Witney.”
Among potential projects the money could be used for are improvements to the Shores Green junction on the A40, east of Witney, adding extra slip roads to create a four-way junction.
James Mawle, who owns land needed for the link road, said the Madley Park developers were owed £4.54m set aside to build the road plus more than £1.7m interest after the deadline ran out on January 2.
Mr Mawle said £3.7m had been set aside by developers for land for the Cogges Link Road and, if it was not used for that scheme, about half of any repayments would go to the Mawle Trust.
He added: “We’re committed to Shores Green but the council has got to come and talk sensibly to us.”