It agreed to spend £500 for two shares in Hammonds Farm near Stroud.
Led by the Biodynamic Land Trust the proposal is to buy the 41 acres of land near Hawkwood College for £380,000.
So far more than £150,000 has been pledged by members of the public, mainly from Stroud farmers and organisations, towards buying Hammonds Farm.
It would be farmed by Stroud Community Agriculture and include a starter farm and various farm enterprises.
The Town Council voted in favour of supporting the bid and to buy shares in the project.
Mayor Kevin Cranston said Hammonds Farm would protect the landscape and create a valuable community asset.
“This will help to keep food production local. Preserve access to the land for public enjoyment and should provide a strong barrier to development creeping up the Painswick valley,” he said.
Gabriel Kaye from the Biodynamic Land Trust was invited to address the meeting and answered questions from members.
Councillors discussed the potential benefits of the purchase of the land including: increased public access, protecting biodiversity, community ownership, local food production and protection of the land from housing development.
Questions were raised about the sustainability of including livestock in the farm development plan, the impact of converting grassland to arable farming and the lack of scientific evidence for biodynamic farming.
There was considerable debate about balancing the potential benefits of the purchase against the concerns raised. It was resolved to purchase £500 of shares.
“The Town Council’s investment for protecting the Hammonds farmland is welcome in helping the Biodynamic Land Trust Co-op secure the land for a starter farm for young entrant farmers with Stroud Community Agriculture. The more people invest in such community assets, the better for all,” said Martin Large, Director, Biodynamic Land Trust Co-op.