Published Wednesday, 18 September 2013
A letter obtained by UTV details how the Alliance minister has written to the NI leaders for an "urgent procedure" on the building.
It was expected the sod would be cut on the site near Cookstown, Co Tyrone in October, after previous delays, but this is now extremely unlikely as a preferred bidder has still not been made public.
But even if construction does start in February, it would be May 2016 before the college is finished.
PSNI Deputy Chief Constable Judith Gillespie has expressed concern over the delays.
"We are obviously negotiating with the relevant ministers to make sure that if that money is under threat that there are arrangements to bring it forward to the next spending review period," she told UTV.
Minister Ford said in the document that he feared that "if the project does not proceed urgently, the funding available in the current 2011-2015 period will be lost to the Northern Ireland economy."
The current estimated cost of the project now stands at £157.2m, which is £18.2m over budget.
If the project does not go ahead in the planned time frame, Mr Ford says there will be "a potential funding gap of £30m".
UTV understands Minister Poots' reservations on the build are due to the involvement of Spanish company FCC and their current financial situation.
The company made losses of over €140m between January 2012 to March this year, and had debts of over €7bn.
SDLP MLA for Mid Ulster Patsy McGlone said there needs to be an update on the status of the project.
He said: "We decided today to invite ministers, not just the Justice Minister but the Health Minister too, along to our next meeting to find out just what is happening with a major project which would mean so much for policing and our local economy.
"Why is it being delayed?"
UUP MLA for the area Sandra Overend also demanded answers.
"Not only when is the first sod going to be cut for the new college but is it going to happen?
"I'm hearing it from local businesses and people in the area who are wondering when is this college coming to Tyrone and is it really going to be built? That's the question."
© UTV News