The city has until August to decide whether to purchase land it leases for an equestrian center and baseball field because the owner wants to sell the lot.
The Valencia Heights Water Co. leases the 10-acre property to the city for $1 a year. But water company officials say they want to sell the land, which is valued at $1.5 million.
Families near Citrus Avenue are circulating a petition asking the city to buy the land, home to the Ridge Riders Equestrian Club.
The city has spent more than $400,000 in recent years on improvements to the area.
Councilwoman Kathy Howard said in the wake of the voters rejection of Measure C--a tax for streets and medians--the city cannot afford to buy the land or lease it at market rate from a new owner.