CLARKSVILLE - What is currently vacant property where a petroleum tank farm once stood in Clarksville could one day become property ripe for development.

The Clarksville Redevelopment Commission this week voted unanimously to approve the $3.9 million purchase of the 24-acre site from the Marathon Petroleum Company LP, according to the News and Tribune.

This is just the latest effort by community leaders to create jobs and housing opportunities. In July, the town broke ground on the community's first new apartment complex in two decades.

The paper reports the company has not signed an agreement on the Marathon purchase, but the town expects to receive the signed document in 30 to 45 days.

Marathon has completed environmental site work, including removal of old storage tanks. The publication says town officials expect to gain control of the property by the end of the year and immediately begin working to partner with developers.

"This has been something we've talked about for years," said Redevelopment Commission President A.D. Stonecipher. "To even have a deal with a company of this magnitude takes a lot of work, a lot of diligence."

The News and Tribune reports the company ceased operations in 2009. The unused tanks sat empty for about a decade.

Town leaders hope the property can become part of the South Clarksville Redevelopment plan. That plan aims to use the Marathon land and riverfront property as a focal point along the Ohio River, hopefully attracting tourism, retail and residential developers.

"Redevelopment of [the Marathon property] will generate hundreds of new jobs and a range of residential opportunities that will collectively raise millions in new tax revenue for the community," according to a news release from the redevelopment commission.

You can read the full story from the News and Tribune by clicking here.