The federal government has earmarked $285,000 to help fund the planning, design and engineering of a new Route 9/I-495 interchange on the Westborough/Southborough border.

At a meeting Monday morning, Congressman Jim McGovern announced the funding, calling the current intersection "a serious public safety risk and a major impediment to economic growth."

The meeting was sponsored in part by the 495/MetroWest Partnership, a Westborough-based community and business development advocacy organization.

In the direct vicinity of the interchange, there is approximately 5.8 million square feet of existing commercial space, according to a briefing document assembled by the 495/MetroWest Partnership.

At full buildout, commercial parcels in Southborough in the immediate vicinity of the interchange could accommodate up to 6.9 million square feet of potential development, according to a study by the Metropolitan Area Planning Council. On the Westborough side of the intersection, there is 2.6 million square feet permitted for future development in the direct vicinity of Route 9/I-495.

It is estimated that by 2030 73,000 vehicles will use the interchange daily, a 25 percent increase in current volume.

Several corporations, most notably data storage giant EMC Corp., call the area home. EMC is planning a 2.2 million-square-foot expansion to its corporate campus in Southborugh, and employs 9,000 workers. The project expansion has the potential to create 6,900 more jobs, but also to greatly increase traffic in the target area, according to the 495/MetroWest Partnership.