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A proposal to transfer ownership of the land and building to the pre-school facility for $1 was presented at this week's council meeting by property and facilities manager Mike Kerr.
A report was first presented to the Cromwell Community Board in October 2018.
The centre, which is a registered charity, is situated on a block of land in Monaghan St, Cromwell, which has been owned by council since 2002. An adjoining lot was purchased by the Cromwell Community Board in 2003 to develop into a playground, the report said.
The council approved the transfer at Wednesday's council meeting, under the condition the right of ownership be returned to council ownership should the centre cease operating in its current form as a charitable organisation.
At the meeting, Mayor Tim Cadogan said similar situations moving forward would be reviewed on ``a case by case basis''.