Tipperary County Council have agreed a price for the purchase of the Mulkear View site in Newport for the provision of a playground and town park.
The purchase of the site will be funded through the Limerick Hinterland fund which was secured late last year by Labour Party TD Alan Kelly when he was Minister for the Environment.
Newport councillor Fiona Bonfield, Labour, said: "This is tremendous news for all the people in Newport and surrounds.
“This issue was one of the main reasons I ran for the local elections and I have worked morning, noon and night to ensure a suitable location for a playground and town park would be found.
“I would like to thank my colleague, Alan Kelly, for his role in securing the substantial finance needed to fund this project.
“I now look forward to the drawing up of plans for this amenity and I hope progress from here on will be in a speedy manner".