U.S. Steel is seeking to partner with the city of Birmingham in the development of a high-tech industrial park on 40 acres south of Barber Motorsports Park.

In the development agreement, the city would fund $4.6 million in road construction and grading of the undeveloped property, according to the city. Also, included in the deal, U.S. Steel would transfer a 24-acre portion of the property to the city for the future relocation of the Southern Museum of Flight.

U.S. Steel will give the city of Birmingham approximately 120 acres in a multiple phase deal, according to officials.

The city of Birmingham has yet to release the proposed agreement to AL.com.

The agreement will have to be approved by the Birmingham City Council. The council's economic development and budget and finance committees on Monday afternoon approved recommending the agreement to the full council.

The city council is expected to discuss the matter at its Nov. 21 meeting.

Lisa Cooper, economic development for the city of Birmingham, said the park could create 429 jobs and, when in operation, generate $8.5 million in city revenues over 20 years.

She said the city is already working to recruit high-tech companies to the park.

Jammie Cowden, director of real estate for U.S. Steel, said the city is underserved with pad-ready industrial sites particularly on the eastern side of the city.

Cooper said the city has lost an auto manufacturing facility and health-related operations, including Pack Health and BioGenX, because the city didn't have the infrastructure. She said the city is in discussion with some of those companies now.

City finance Director Thomas Barnett said the city would have to borrow the money for the development.

City Councilor Lashunda Scales expressed concerns over the city borrowing more money for this project. She voted against the agreement.

Museum of Flight Executive Director Brian J. Barsanti said the museum is out of space at its current location.

The museum would launch a capital campaign to build a new facility, he said.

"The city would benefit from a new structure raised from private funding," Barsanti said.

He said phase one of the project would cost an estimated $8 million, which includes building an 85,000-square-foot museum and relocating museum aircraft.

Cooper said it would cost $1.2 million in city funds to develop that portion of the property.

This report will be updated.