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The 60-acre Northern rail yard has been fenced off since the last freight train left in 2011. According to a draft term sheet reviewed by this publication, the city and Great Northern Holdings have spent two years negotiating what would be the largest housing development in Harbor City’s history: roughly 2,000 homes, a new elementary school site and a park along the creek.

The term sheet, dated in August, has not been released publicly. City officials confirmed its existence but declined to discuss specifics, citing ongoing negotiations.