New Hanover County is close to buying a 60-acre tract on Independence Boulevard to save it from development, according to a news release Tuesday.

The land at 3990 Independence Blvd., sometimes referred to as the Flossie Bryan Tract after the previous owner, is "one of the largest remaining undeveloped properties within the city of Wilmington," the release stated. County officials say they intend to preserve it as community greenspace.

According to the release, the purchase agreement is scheduled to go before the New Hanover County Board of Commissioners for consideration on May 5.

"If approved, New Hanover County will purchase the property for $11.6 million, but because it already holds a two-thirds ownership share, the County’s actual financial obligation will be $3.86 million," the release stated. "This amount will be financed through the county’s Revenue Stabilization Fund and repaid over 10 years without impacting property tax rates."

A developer's proposal last year to build 580 apartments, townhomes and single-family homes on the site touched off debate over what should be done with some of the last forested areas in the city and county. The development proposal was eventually withdrawn, but the discussion about preservation continues.

According to the release, New Hanover County commissioners "identified the preservation of greenspace as a priority during this year’s budget process."

The acquisition also honors the wishes of Flossie Bryan, a longtime New Hanover County resident who, through her will more than two decades ago, wanted the property to benefit the public, the release stated.

The next step is a "long-term effort" to plan how the land will be used.

According to the release, "Collaboration and community input will help shape how best to honor the land’s natural character and serve the community."