The Columbiana City Council voted Tuesday to approve the $265,000 purchase of the former Summer Classics property.

The council gave Mayor Allan Lowe executive power to buy the land with the condition that Shelby County pays half of the $528,000 price tag.

Lowe hopes to close the deal by the first week of January.

Councilman Tom Seale will present loan proposals to the council at their Jan. 2 meeting.

&8220;We&8217;ll go with the best interest, the lowest bidder,&8221; said Lowe.

After the land is bought, the city will gift it to a Commercial Development Authority, a group of city residents who will decide what to do with the property.

The site is slated to house commercial and residential developments. It will also provide a permant home for the Academy of Fine Arts of Shelby County