The project would see the former EXXON site near Bowling undergo a £27.897 million transformation, including a road built providing an alternative route in and out of West Dunbartonshire and 20,000m2 of industrial and commercial development space.

West Dunbartonshire Council said the work would support up to 690 full time jobs, with the site potentially generating an additional £31.9m each year for the local economy.

Councillors approved the project’s Strategic Business Case and this will now be presented to the Clyde Valley City Deal Cabinet for final approval on August 18. Once this has happened consultations with the local community can begin.

Councillors also approved a capital spend of up to £500,000 in the 2015/16 budget to progress creating the outline business case.

The Strategic Business Case shows that West Dunbartonshire Council would contribute £3.8m to the overall project cost, with the remainder being funded by grants from the UK and Scottish Governments.

Councillor Patrick McGlinchey, convener for infrastructure and regeneration, said: “There is still plenty of work to be done to make this project become a reality, but I am delighted that Council has approved the Strategic Business Case. This will allow the us to keep moving forward with our ambitious plans for the regeneration in West Dunbartonshire. The benefits that this project could bring to the area are huge and I will be doing everything I can to drive it to the next stage.”

Council leader Martin Rooney added: “Across West Dunbartonshire we are now seeingsome really exciting developments that are regenerating this area and promise to create jobs and improved standards of living for our residents. Lomondgate, Queens Quay and Dumbarton Town Centre all have exciting futures and this City Deal project will hopefully join them. If successful we will be receiving massive Government funding to turn a vacant wasteland into a thriving business supporting hundreds of jobs. It is a chance not to be missed.”

It was agreed that an updated progress report will be provided at the next full council meeting on August 26.