The £28 million scheme will see a new major industrial and commercial development created at the site, as well as a new road to provide an alternative route in and out of West Dunbartonshire.
Following the Outline Business Case approval, the plan will now go before the City Deal Cabinet in April. If the Final Business Case is approved, it is expected that infrastructure work would begin on the site in early 2021 and be completed in 2024.
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The project is estimated to create up to 690 full-time jobs and generate around £19.1m for the West of Scotland economy.
West Dunbartonshire Council contribute £3.8m towards the overall project costs, with the UK and Scottish Governments funding the rest.
Cllr Patrick McGlinchey said: "This project would stand as one of the biggest ever infrastructure improvements in West Dunbartonshire and would bring about real change for the area, not least with the much-needed alternative road route in and out of the area. I am pleased that the Council has approved the Outline Business Case and we look forward to continuing progress on this ambitious project."
Cllr David McBride added: "This decision taken by the Council marks a significant step forward in the City Deal project for West Dunbartonshire. While there is still much work to be done in detailing how exactly the site would look, it is clear that there is an appetite among businesses to come to the area."
(LM/CD)
