The former airfield at Arbroath’s RM Condor will be released for development as part of the Tay Cities Deal.
A leaked memo during months of negotiations suggested the land could be used for housing and the historic agreement, signed on Thursday, confirmed it will be put to good use by Angus Council.
The deal will also include up to £1 million for connectivity in rural Angus to improve broadband coverage.
The UK Government will also invest a further £26.5m in local projects to be developed collaboratively with Angus Council and local partners as part of the agreement.
Angus Conservative MP Kirstene Hair said: “Today, the Tay Cities Deal has started to become a reality.
“There are great projects included in the deal for Angus including investment in rural connectivity, and a £26.5 million fund dedicated to investing in further capital projects across Angus.
“With all the projects ready and signed off, the hard work begins now.
“Moving forward, it is essential all partners involved work together so the maximum economic potential of this deal can be reached.
“I certainly look forward to working with all stakeholders to ensure the future of Angus and the Tay Cities region is a bright and prosperous one.”
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The UK Government says the Defence Estate Optimisation Programme will allow it to release land at Condor for development. The ultimate contribution will depend on the land’s final market value and nature of the final business plan.
Angus Council deputy leader and finance convener Councillor Angus MacMillan Douglas said: “We have worked hard to ensure Angus will benefit from the deal, both directly and regionally.
“A great deal of work lies ahead and we look forward to working with our local authority partners, as well as partners and business locally, to ensure that we seize this opportunity to grow the Angus economy.
“Our hard work has paid off regionally and locally for Angus with an additional resource of £26 million yet to be allocated to projects that will support economic growth in Angus.
“It gives us the scope to meet our strategic objective of making Angus a go-to area for business.”