The state government is looking to rezone J.H. Vagg Memorial Reserve to industrial land because it is no longer required for public use.

The site honours one of Cobden's earliest settlers - James Henry Vagg - and became a park, complete with a memorial plaque, in the 1930s.

Corangamite Shire manager of planning and building services Aaron Moyne said the Minister for Planning was responsible for the amendment.

"The government has identified the land as surplus to its needs and is preparing it for sale," he said.

"Fonterra has previously expressed interest in buying the land.

"If rezoning be approved, any future development will need to go through the planning approval process."

Mr Moyne said the council had requested consideration be given to retaining signage and the plaque recognising Mr Vagg's contributions to the Cobden community.

According to the Progressing Cobden website James Henry Vagg was one of the town's first settlers and oldest pioneers after arriving in 1866.

To find out more about the proposed planning scheme changes visit www.planning.vic.gov.au/glps or documents can be viewed at the council offices in Camperdown.

Submissions from the community close on March 3 at 5pm.

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