City Council met Thursday with representatives from the site's owner Motors Liquidation Co. and a potential buyer, Industrial Realty Group.

Sources tell NewsCenter 7 council was "impressed" with IRG's plans. City leaders toured other IRG sites around Ohio in the past days.

Moraine City Manager Hicks said he is confident a deal is imminent within the week and sale of the plant by mid-February.

Hicks said, "We're want someone that is capable, has experience doing this and will do what they say they're doing."

So far, three companies have confirmed interest in the plant, which closed in December 2008.

City and state officials are hoping the plant can be reused and not demolished.

Hicks said, "We think we're past that. We have companies that want to redevelop this as an asset."

Once a proposal is accepted, Hicks said the city will issue an endorsement and it will proceed to state and federal officials for approval.

Residents are encouraged by the news.

Janet Baker said, "I know that a lot of families are struggling. It would be nice to find a buyer and bring in jobs."