At a private meeting last Tuesday, all but one councillor voted to enter into an agreement with the Australian company chosen to develop the proposed 5.1-hectare project, to be built between Fountain Gate shopping centre and the Casey Aquatic and Recreation Centre.

The Journal understands the council has awarded Consolidated Properties a 12-month exclusivity agreement to complete designs and secure tenants.

Each side has a "get-out" clause over the 12 months.

The council can back out if the cost to rectify leaking methane gas from the former Stevensons Road landfill becomes too high, while Consolidated Properties can withdraw if it is unable to secure tenants or if the world economic climate deteriorates further.

Under the plan, the council will lease retail space to the company for 50 years.

The Journal understands the council would contribute a maximum of $52 million towards community and civic facilities, including new council offices and a 1000-seat performing arts venue.

The estimated total cost of $300 million includes 28,400 square metres of retail/mixed use space on the prime real estate site. The development is expected to be one of the largest shopping precincts in Australia, integrating existing and new retail, civic, lifestyle and leisure opportunities.