The ten hectare site on the A40 just outside Ross on Wye is agricultural land owned by the council and has been identified as employment land in the county's unitary development plan.
Following a number of consultations with members of the public at the local library and briefings at a community forum, an application for outline planning permission has been submitted this month.
It is too early to say what type of businesses may be interested in moving to the site, although the council is particularly keen to encourage investment in the knowledge-based high-technology sector.
The outline plan divides the site into zones with identified uses that could include office space, research and development, general industry, storage or distribution centres.
Councillor Adrian Blackshaw, cabinet member for economic development and community services, said: "We want to maximise Ross on Wye's excellent transport links and encourage inward investment. It's a great place to live and work in with relatively low house prices and good amenities in the town and surrounding area.
"Life here is good, but traditional agricultural industries are changing, and we want to encourage new modern hi-tech businesses to the area. This development gives us the opportunity to increase entrepreneurship and help regenerate the town and surrounding area."
Cllr Harry Bramer, cabinet member for resources and councillor for Penyard Ward, added, "I believe that the key to the regeneration of Ross on Wye is through providing well paid employment in the area.
"As owners of Model Farm, Herefordshire Council can manage and control developments there and promote and encourage high paying employers into Herefordshire. This is a unique opportunity for the town of Ross and will play its part in the revitalisation that the town so desperately needs."
The outline plans will be considered early in the new year. If approved, further consultations will take place with the local community prior to more detailed plans being developed.