The City of Pitt Meadows plans to sell a piece of agricultural land to developer Onni for $12.25 million.
The land, which is about 11.5 acres in size (4.67 hectares) is zoned agricultural but it is not in the Agricultural Land Reserve, and last year, the City put out a request for expressions of interest for its purchase.
In the Official Community Plan, the lot at 11431 Bonson Road is designated as medium-density residential.
Pitt Meadows Mayor Deb Walters said she hoped the deal would be finalized by this week.
The sale comes at a good time, Walters added, as the budget will be coming soon for consideration.
Walters said her first priority would be to pay down the City's debt, which currently sits at $16 million, but the decision lies with all of council.
"Once the deal has been finalized, council will make a decision," Walters said.
In its request for proposals, the City indicated that the property would be used for townhomes and low-rise residential strata units.
The property should also be developed with some multi-use public amenity or green spaces that can integrated into the City's trail and greenway plan.