The Grapevine City Council voted Thursday to set aside $29.5 million to purchase property owned by former baseball player Rafael Palmeiro near Grapevine Mills mall.

Palmeiro, who played for the Texas Rangers, had planned a mixed-use development called Gardens of Grapevine for the land, but it never was built. The 185-acre property had been scheduled for foreclosure, but Palmeiro filed for Chapter 11 bankruptcy in 2011, which stopped the foreclosure.

Grapevine City Manager Bruno Rumbelow said the city had an appraisal done in November that showed the property is worth $43 million.

The City Council still has to go over the final version of the purchase agreement and approve it to complete the purchase, Rumbelow said. He said he expects that to happen on Tuesday during the regular council meeting.

Rumbelow said the city does not plan to hold the land for long, but intends to sell it so it can be developed.

"We intend to master plan it for uses in keeping with the overall development goals of the city," he said.

The council voted 4-2 at a special meeting to use money from the city's economic development fund to buy the property. Council member Darlene Freed said she and council member Chris Coy were the dissenters.

Rumbelow said Mayor William D. Tate was not present.

The action also required a vote of the city's 4B Economic Development Corp. board. Rumbelow said that board, which includes four council members, also approved the use of the money 4-2 Thursday.