Environment Minister, Roseanna Cunningham, visited the island to announce her approval of plans by the Bute Community Land Company (BCLC) to buy the 1,700 acre forest under Land Reform legislation.
The £1.4 million buyout will see the land managed by the community who plan to maximise the commercial timber interests, create renewable energy projects, create a forest visitor centre, viewpoints, children's play areas and improve facilities for outdoor activities.
Over the first ten year period, the BCLC hopes the initiative will create around 45 jobs and generate approximately £8.4 million in additional household income.
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Ms Cunningham said: "This is an exciting opportunity for the Island of Bute and a huge success story for the community land company which has managed the biggest ballot held under the Land Reform (Scotland) Act so far.
"The plans in place should act as a catalyst for economic and community regeneration on the island, enhance the visitor attraction, create a significant number of new jobs and generate opportunities for future generations to live and work there.
"I urge the BCLC to adopt a similarly thorough and creative approach to raising the capital needed to secure the forest. Using a number of different funder to secure land has proven very successful for other communities."
Peter McDonald, a Director of BCLC, said: "This buy out is an important opportunity for the community of Bute and in times of financial downturn it represents a real chance to transform the economic prospects of the island.
"We appreciate the support of the Scottish Government in this process and we are working extremely hard with various funding agencies to secure the necessary acquisition price by the due date. We are confident that we will succeed."
(GK/BMcc)
