The city is considering whether to join a group of suitors interested in the 150-acre fairgrounds, which is up for sale by the state.
In a closed session today, city leaders will discuss the possibility of acquiring the fairgrounds independently or working with another entity to purchase the site and keep it as-is.
"Our discussion with the council at this point in time really is exploratory to ascertain in light of all events in the past few weeks," said City Manager Allan Roeder.
The action follows the Orange County supervisors' decision last week to explore purchasing the fairgrounds. The newly formed Orange County Fair and Event Center Foundation, which is made up of six Fair Board members, is also working to place a bid on the property.
Roeder said the property, which is zoned for fairgrounds, is valued between $25 and $35 million, and the city has not determined how it could pay for the property if it decided to put in a bid.
The state has previously said the property is worth between $90 million and $180 million.
The city could also work with the county or the nonprofit to purchase the site, though formal talks haven't taken place, Roeder said.
"I don't think we would rule out anything at this point in time," Roeder said.
Councilwoman Katrina Foley said the city should launch an effort to derail the sale.
"At this point we have to do whatever we can to protect the property," she said.
At its Oct. 20 meeting, the City Council directed its staffers to create a specific plan that could place a tighter framework on the property and further restrict what a new owner could do with the site. The state then warned city officials that it would "consider whatever options may be available to preserve the Fairgrounds value."
On Tuesday, the City Attorney's Office is expected to give a report on whether an initiative could be launched to allow voters to decide in June 2010 whether the land use of the property should remain as-is.
"I think it's possible under certain conditions," Roeder said. "We have checked with the registrar. The City Council has until about mid-February before it would have to take action on an initiative to place it on the June ballot."
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