Thursday night, council approved the sale of the land, which is located near a grocery warehouse building, with a sale price of 11-thousand dollars per acre.
Village Solicitor JJ Ong says the village has been selling off portions of the property for some time now.
Ong says there is a process that council must adhere to in order to finalize the sale.
Ong says village officials are unaware of any potential plans for the property at this time.
Ong says he expects the deal to take four to five months before it is finalized.
Once the sale is complete, the village of Dennison will retain all mineral rights pertaining to the nearly five and a half acres.