District of Taylor councillors approved Monday a subdivision plan for Parcel Z that will see 50 new housing lots serviced for development.
The approval gives district staff the ability to start drafting a bylaw to borrow an estimated $4.2 million to design, engineer, and service the parcel with roads and utilities.
The district is looking to sell the lots over 10 years at average price of $91,168 to break even. The bylaw requires provincial approval before council will need to gain public approval.
The are few serviced residential lots left in the district, and there has been little interest from private developers to take on Parcel Z.
The district has decided to service the subdivision to entice builders, and last month rezoned the 22-acre piece of district property to low-density residential to allow for the construction of single-family homes.
Over the last decade, there have been 33 single dwellings and 28 strata dwellings build in the district, according to a staff report.
In 2015, council rejected a proposal by Jandel Homes to build manufactured homes on the land, saying the district already had a good supply of entry-level homes.