The right of the government to obtain private land for public purposes is known as eminent domain, and this right derives from federal and state constitutions and related laws. The power of eminent domain allows the government to take private land for public purposes only if the government provides fair compensation to the property owner.
The process through which the government acquires private property for public benefit is known as condemnation. Most condemnation proceedings turn on the value of the property at issue. How much a piece of property (or an interest in property) is worth depends on many factors. The zoning of the property and the value of surrounding properties provide useful guidance for the calculation. The many unique characteristics of a property often result in a different estimation of value between the property owner and the government. In addition to an appraiser and an attorney, each side may have additional experts, such as engineers and architects. Factors that are considered in property valuation include: its size, how it is zoned, what kinds of buildings and roads are on it, what it's currently being used for, what it could be used for, how accessible it is, what other businesses or land uses are adjacent or nearby, and whether there are tenants or other leaseholders involved.
Given the value of the North 40 with the adopted Specific Plan and zoning, it is unlikely that the Town would have the resources to purchase the land for fair market value under these processes even with corporate donations and other tax revenue.