"If all four can come together and share the cost, then not one bears the burden of the entire price tag," Toyon said.
MWH Development Corp. purchased the 63-acre site in 2003 for $7.6 million and proposed a 269-unit residential housing complex.
Plans — presented to the Sunland-Tujunga Neighborhood Council and the Crescenta Valley Town Council in May 2006 — call for 46 acres of preserved open space, including a nine-hole golf course in place of the existing 18-hole course.
Company representatives have not been in contact with local officials since May 2006.
MWH Development could not be reached for comment Tuesday.
But if the owner is willing to consider selling the property, Los Angeles City Councilwoman Wendy Greuel believes that the funds could be raised.
"The common theme that all of us have is preserving the usage of this property," Greuel said. "I'm always an eternal optimist."
The practice of government agencies working together with private donors to purchase open space is gaining traction, said Paul Edelman, deputy director of natural resources and planning for the Santa Monica Mountains Conservancy.
"Every year there are more and more deals where public and private entities pool funds to buy open space," Edelman said.
The Santa Monica Mountains Conservancy is interested in participating in any effort to purchase the Verdugo Hills Golf Course site and would look to a mix of county and state grant resources for funding options, Edelman said.
Because the course lies outside the city of Glendale, the Glendale City Council's participation in the effort would have to be more creative, Mayor Ara Najarian said.
A contribution from the city's General Fund could constitute a gift of public funds, but there would be other ways the city could participate, he said.
"We could encourage private foundations and individuals in raising funds necessary to purchase that land; we can certainly lobby our congressional and state representatives," Najarian said.
RYAN VAILLANCOURT covers business and politics. He may be reached at (818) 637-3215 or by e-mail at ryan.vaillancourtlatimes.com.