The options are outlined in a draft master plan, which is based on feedback gathered from the community last year.

The first concept is of a publicly owned, community-managed space, with the whole site to be purchased by Macedon Ranges Shire Council and retained for community uses.

Under this option, a management or operating model that shares responsibilities with the community would be developed, and buildings would be refurbished to a standard appropriate for public use and hire.

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The second option up for discussion is that of a publicly owned but commercially managed site: this would involve the council purchasing the site and leasing portions for “heritage-sensitive” uses that would attract tourist and local visitation.

This concept would see the heritage building, established trees and war memorial retained, while the retention of the school extension building would be optional.

Related: Residents debate fate of historic school

The third option put forward is that of a mixed use development, with the site subdivided and sold by the state government.

Parts would be dedicated to increasing public open space, while some would be offered for commercial and residential development.

The heritage building, the majority of the established trees and the war memorial would be kept, but the extension building would be demolished and replaced with mixed use development.

This consultation process will inform the development of the final master plan, which will be presented to the council later this year.

Members of the community can find more details on the options and provide feedback at the Macedon Ranges Shire Council website.

There will also be a drop-in session at the Kyneton Mechanics Institute on Tuesday, March 27 from 3pm to 7pm.