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A committee formed to study the viability of the city of El Dorado purchasing the downtown Federal Building held its first meeting Wednesday morning in Mayor Mike Dumas’ office, but by lunchtime, Dumas had received word that a sale contract from another interested buyer was pending.

After some discussion, members of the committee, Aldermen Matt Thomas, Dianne Hammond and Willie McGhee, walked out of the meeting with an agreement to explore available options and opportunities to use the 57,000-square-foot facility and to come up with estimated costs for maintenance, ope...