The city gets some money and the college gets some land.
North Island College is purchasing land on Tebo Avenue where its vocational centre sits from the city for $893,000.
The development was announced at Port Alberni city council meeting on Monday.
The deal was set to be consummated on April 1 but has been pushed back to June 1 so the college can carry out further survey work, city clerk Davina Sparrow said.
Discussions have been ongoing for some time but concluded after the city gave notice in January that it was putting the property up for sale.
The Tebo vocational centre is devoted to trades education, and provides training for automotive technician, carpentry, joinery/cabinetmaking, welding and other trades.
Officials from North Island College weren’t available for comment.