Conservancy OKs Deal to Buy Fryman Canyon Land : Parkland: DWP directors and the City Council must also approve the purchase to prevent development of the 63 acres.

The Santa Monica Mountains Conservancy has agreed to participate in a $10.75-million deal to buy 63 acres in Fryman Canyon in Studio City for a public park, a conservancy spokeswoman said Tuesday.

The conservancy board voted 4 to 1 on Monday to pay $8.75 million to owner Fred Sahadi for the property, spokeswoman Julie Zeidner said. The vote apparently brings an end to a long-running controversy over the future of the scenic canyon.

Under a resolution approved by the conservancy, a state agency that acquires parkland, the remaining $2 million would come from the sale of surplus Los Angeles Department of Water and Power property, Zeidner said.

“There was a large concern that the conservancy not pay more than the appraised value,” Zeidner said. “The conservancy and its board felt that state funds could not be used to give the developer more than fair market value.”

The deal must be approved by the DWP’s board of directors Thursday and then by the City Council on Friday.

Eric Roth, a spokesman for Councilman Michael Woo, said he believes that both agencies will adopt the conservancy’s resolution. The council approved the deal in concept last week, he said.

Woo, in whose district the property is located, has been a leading proponent of preserving the canyon for a park.

“I think at this point it finally looks like Fryman Canyon will be acquired for a park,” Zeidner said. “The residents have been anxious about this.”

Benjamin Reznik, Sahadi’s attorney, said he is pleased because “it appears this whole nightmare may be over. . . . It has been a long and tortuous process.”

He added that the conservancy board’s vote was “the first definitive commitment” from the agency since the Fryman Canyon controversy began earlier this year when Sahadi announced plans to develop the land.

Conservancy board member Bob Horner voted against the deal because he said any amount above the appraised value of $8.75 million would amount to a gift of public funds, whether the money came from the state or the city.

“It’s corrupt to give away the public’s money,” he said. “We’ve just voted to give a $2-million Christmas present to a developer.”