Regina city councillors are sitting down Monday afternoon  to discuss a land sale.

An unknown purchaser wants to buy some land north of the city with administration saying the proposed development that would follow would result in a substantial economic opportunity.

City administration says its recommendation is to sell the land at a pricetag of $4 million which is significantly less than the $6.3 million appraised value.

A report states the development would employ an unspecified but “significant number” of construction jobs which would then be followed by ongoing permanent jobs and indirect support of another 1,500 jobs in the Regina area.

The four areas of land being discussed are past the Co-Op refinery complex and the landfill.

If council says no, the report does say the developer could decide to choose another region for the project they are pursuing.

If council gives the go-ahead to the sale, the developer would have a $4-million option to purchase the land, with $50,000 of that being considered a non-refundable fee. The purchase must occur within one year.