The approval is conditional on the Commonwealth Government's assessment of AlburyCity's proposed management of environmental impacts associated with constructing the road.
The land lies along the route of the proposed Thurgoona Link Rd, which, when built, would connect Kerr and Elizabeth Mitchell roads to the Davey Rd interchange on the Hume Highway.
The link road will be vital in facilitating development in that area and easing pressure on the Thurgoona Drive highway interchange.
It is part of the wider Thurgoona-Wirlinga Precinct Structure Plan prepared in 2013 and currently under review.
Council is currently awaiting the outcome of the Commonwealth's decision, which is anticipated to be known by May.
Should approval be granted, Council will progress with the process of purchasing the privately owned land, with a view to finalising arrangements this year.
Meanwhile, detailed design of all five stages of the project is currently being undertaken, with completion anticipated by May 2025.
Following this, and pending satisfaction of all required approvals by State and Commonwealth governments, Council will start delivering the project via staged construction.