Nearly 200 acres of property, located near the new development in San Francisquito Canyon, are available for the city council to purchase at their Tuesday meeting.

The 176 acre plot, which is just north of the Tesoro del Valle community and north of the city border, would be preserved open space by the city.

Santa Clarita City Council members will vote Tuesday on using the $1.55 million in funds from the city’s open space preservation district fund to buy the land for the development.

The $1.5 million being proposed would be used to purchase the property, as well as pay the $25,000 for title, escrow, taxes and due diligence costs, plus $30,000 for gates, fencing and signage.

Council members will also consider appropriating $40,000 to cover property taxes on the acreage for 2017 and 2018, and another $10,000 for the payment of annual property taxes.

The acreage being considered, Los Angeles County Assessor’s Parcel No. 3244-029-020, is the former Sun Cal Companies housing development, which was approved by the county in 2008, but was sent back to the Regional Planning Commission in January 2015 for an update of plans for residential water service.

“We became aware of the property a few years ago, when we tried to purchase the property at a bankruptcy auction, and it has been on our radar ever since,” said Carrie Luhan, public information officer for the city of Santa Clarita.

City Council members discussed purchasing the property in closed session on September 12. Subsequent negotiations between city officials and Tesorito representatives resulted in the purchase price to be considered Tuesday night.

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