Following a meeting on Thursday, the council has agreed to progress plans for the scheme to maximise the economic impact of the Borders Railway and provide modern facilities for new and expanding businesses.
The local authority has already identified capital funds for the project, which will see the development and improvement of council-owned land.
In 2013, an independent report identified commercial office space near the Borders Railway terminus could create up to 350 new jobs.
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Cllr Mark Rowley described the move as an exciting opportunity for the council to work with partners to develop high quality office and manufacturing facilities in Tweedbank.
"The Council will now undertake detailed business cases for the projects and aim to get support from the Borders Railway Blueprint group and Scottish Enterprise to progress these developments, in addition to finalising funds available through the Edinburgh and South East Scotland City Region Deal," he said.
"These developments would not only provide new business opportunities but would set the scene for more extensive private sector investment in the vicinity and kick-start the development of an innovation park which would provide an economic hub and many hundreds of new jobs for the area."
The council also agreed to adopt a Simplified Planning Zone (SPZ) for Tweedbank, which allows for development to take place with the need for planning consent.
Cllr Tom Miers said: "The SPZ will make it faster and easier for inward investors to develop their business in the innovation park. With a package of other measures the innovation park is becoming a very attractive prospect for businesses looking to relocate or grow."
(LM)
