A business park in Fergus now has a value, acre by acre, following a Monday council meeting in Elora.

Council approved a $450,000 value per acre on the Centre Wellington Business Park property just off Dickson Drive. The park is designed to create jobs and fuel the economy by being a grounds for several future business developments.

In 2022, phase one of the project came to a close - that involved stripping and stockpiling topsoil and earth, and rough grading of the future roadways. Phase two, now underway, involves an extension of Dickson Drive to First Line and a new cul-de-sac within business park lands.

Now that the price per acre has been settled by council, the township's economic development manager, George Borovilos, says they now have their sights set on what type of businesses will be welcomed into the park, namely manufacturing and industrial type jobs.

"These are targeted areas that we will consider, however we will also be looking at it from a standpoint of taking each inquiry through a letter of intent process then go through an evaluation matrix that has been developed to grade each one to see which gets the best return on investment," Borovilos said.

"They may be in those sectors, they may not," he added.

But Borovilos did state that these areas are likely to receive high grades.

"Anything in manufacturing, contractors - they're going to create a number of jobs, and other criteria; they're going to be our highest gradings," Borovilos said.