The Municipality of Kincardine is moving to purchase 21 acres of the Gary Street development land, in what it calls a proactive approach to economic development.
This week, staff said a Purchase and Sale Agreement with Bruce K Holdings has been negotiated.
More information about the deal will be shared as the Municipality applies for a Local Official Plan Amendment and Zoning By-law Amendment later this month.
CAO Alan Smith said it was an important move for the Municipality's future.
"Currently, there is a limited supply of development-ready land in Kincardine, which proposes a challenge to attract and retain investment," he said. "Municipal ownership of these lands gives Kincardine greater control over timing and form of development in our community. Securing these lands positions Kincardine to support growth connected to the nuclear sector and the broader economy."
The Municipality has already put millions into attracting economic development to Gary Street, passing a by-law for area specific development charges to help recoup costs last year.
The area is currently home to just the Bruce Power training centre and Bruce County's Penatangore Place.
Councillor Bill Stewart said he understood residents concerns as the deal has mostly come together in closed.
"There's a lot of communication going on in the public about this... We brought this to the attention of the public because we're planning to proceed with the planning," he said. "We are buying the land for ourselves, and you just have to be careful, because this is really taxpayers money that we're going ahead (with). I think the rest of the story will be coming shortly. Just be careful, because this is a lot of money the taxpayers are trusting us with."
The Municipality's application will be to rezone the lands from Planned Development to "C6" or Business Park.
Once the official plan and zoning by-law amendments are submitted, the applications will be shared as part of Bruce County's review process.
Members of the public may submit written comments or speak at the public meeting, which is anticipated to be held before County Council in December.
