FORT WAYNE, IN (Indiana's NewsCenter) --- The deadline is up, but Fort Wayne Mayor Tom Henry insists it's not too late for the city to still pull the trigger on a purchase of the old OmniSource property north of downtown.

The city's option to buy the abandoned industrial site expired Monday.

But there was a similar deadline back on December 31st, no deal was struck, and the negotiations were extended.

That will likely happen again, says Mayor Tom Henry.

The old metal recycling yard near Science Central is overgrown and doesn't look like much to get excited about.

But city leaders have targeted the property for purchase, to possibly host a major development with commercial and housing components, or some other attraction.

The city's option to buy was set at 4.3 million dollars.

But both the city and OmniSource representatives have commissioned soil testing studies to establish the price tag on any cleanup.

Mayor Tom Henry/(D) Fort Wayne: " We're going to send both reports to an independent firm who will take a look at both findings and determine what the true cost of remediation would be for the property, and then, based upon that and projected development of the property, that will really determine what the ultimate price will be."

Henry does not believe the Rifkin family, owners of the land, will have any problem extending talks past the earlier June 30 deadline.

The 4.3 million dollar figure may no longer be in play.

However, if the city gets the sense a developer has grand plans for that site, it could certainly impact the bargaining.