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The city is in negotiations with a development company that purchased Eau Claire Market more than a decade ago with ambitious plans to redevelop the downtown site that have languished ever since.

The negotiations are being carried out behind closed doors, but Wednesday a council committee approved a confidential strategy related to an option agreement on the 2.95-hectare site.

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The city sold the land in 2007 to Harvard Developments for an amount well below market value, but retained the option to repurchase the site if redevelopment had not begun by 2018.

Deputy city manager Brad Stevens offered few details about the city’s proposed strategy when it comes to Eau Claire, but acknowledged the city is exploring its options.

“I can’t comment on that because that’s still part of the negotiation and the back and forth that’s happening,” said Stevens. “We are looking at various options and we think we’re pretty close to something that’s going to be acceptable to everybody.”