There is an offer to purchase the Mount Slaven school property.
The conditional offer was accepted at Monday's Council Committee meeting.
We don't know who the buyer is as the offer was discussed in closed session.
The City purchased the Westmount Drive North property in 2012 from the Simcoe County District School Board.
In February 2015, the City put the property on the market with a list price of $799,000.
An archaeological study was done in order to facilitate possible construction of multi-unit dwellings.
Mayor Steve Clarke says it is exciting to have a chance to regenerate that property and beautify it.
He says future development will also enable to the City to generate tax revenue.
Clarke says there will be due diligence on the property.
He says an additional phase of an archaeological study will be done and it will take some time before that is completed.
The property is not currently zoned to accommodate multi-unit dwellings such as apartments or townhouses.
Clarke says the purpose of the property will be made public once the potential buyer submits a zoning application.
The deal will need to be ratified by Council next Monday.