THE 600 home Littlecombe development site in Dursley is set to be bought by Stroud District Council for the grand sum of £1.

The local authority is proposing to buy the site from the South West Regional Development Agency (RDA), a quango which is being axed by the Government, with the hope of kickstarting the project again.

The RDA has overseen the development, which has planning permission for 600 homes, since it was acquired in 2000.

Private development company St Modwen was welcomed on board to drive the plan forward and now owns the Littlecombe Business Park and other areas of the site.

However with the RDA being wound up in March 2012 it was agreed the district council would be the best organisation to take on the site and members of the cabinet committee will decide on whether to buy Littlecombe at a meeting tomorrow.

The acquisition, the council admits, has many positive and negative aspects, however Cllr Dennis Andrewartha, ward councillor for Cam, said he believes the benefits far outweigh the risks.

"I believe this is very positive news for Cam and Dursley," he told the Gazette. "There are several benefits, one is that we will have local people driving the project forward, rather than the RDA, which was quite remote.

"Of course there are risks, but they are worth taking."

Cllr Keith Pearson, deputy leader and cabinet member for regeneration for Stroud District Council, said he was keen to get involved in the project. "Following the abolition of the RDA, Stroud District Council is keen to take an important role to ensure that progress on this major and strategically important development site continues.

"Whilst construction has been slowed by the economic downturn, we want to be in a position to ensure progress and direction so that the vision of the Littlecombe development can be realised."

He added: "This is a one-off opportunity and we need to grasp it."

The council has expressed concern that an application, currently going through the legal process, for a village green in Long Street could scupper plans for a road through Littlecombe and therefore result in hundreds of the houses not being built. However council officers believe SDC being on board with strengthen the case against the village green.

The authority will cap spending on the project at £50,000. The council could potentially make some rental income off properties on the site, however it is considered that the council would not stand to make a great deal of money out of the acquisition.