While meetings in the next week should clarify the outcome, the council is keeping its bargaining position to itself.
Otago Chamber of Commerce chief executive John Christie said until that was made clear, he was unable to say how likely a resolution was.
He said the chamber had not been formally notified of what the council had decided when it discussed the issue at a meeting last Monday.
"We're no more informed than you are."
Mayor Peter Chin on Thursday announced a "broad understanding" existed between the parties.
Asked if he was confident a resolution could be reached, he said "that's my hope".
In early March, Cr Dave Cull came out against the council's vision of turning the industrial harbourside area into a locality of apartments, bars and cafes, siding with the chamber of commerce and five businesses which appealed to the Environment Court against the change.
The plan, which meant land zoned industrial and port would be zoned "harbourside", was approved in February last year after a nine-day public hearing in 2008.
The proposal was developed by the council and Port Otago's property investment subsidiary, Chalmers Properties Ltd, which owns much of the land.
The change of zoning was to have provided a platform for developers to move in and invest in the area.
Cr Cull said the plan change would have negative repercussions that would lead to hundreds of job losses, mainly from "reverse sensitivity", with new occupants complaining about noise from industry.
Mr Chin has refused to discuss the matter so far with either the media or the chamber, claiming it was not appropriate when the matter was in mediation.
This week, he said the council had been advised by Cr Colin Weatherall, the chairman of the hearings committee, a broad understanding as a basis for resolving outstanding differences existed, final details of which were still being negotiated.
The council had "maintained a position of not commenting while the appeals process is in train".
At a meeting last Monday in Middlemarch, the council authorised Cr Weatherall to continue negotiations "under a confidential protocol until such time as there is a consent order, agreed to by all parties, in place before the Environment Court for its approval".
Cr Weatherall on Thursday said he had reported to the council on Monday, sought direction and now needed to talk to the parties appealing.
His responsibility was to explain the situation to those parties first, and then the public.
He was required to report back to the Environment Court by April 23, but expected to have to ask for more time.
He said there had been some agreement already on matters, "some minor and some significant".
Farra Engineering chief executive John Whitaker said he just wanted to protect his business, and the jobs of its employees.
If the detail of the plan could allow that, "we would be happy".
Mr Christie was more circumspect, and said he would not know how far the parties were from an agreement until Cr Weatherall came back with his findings.
The chamber supported development at the harbourside, but did not support anything that would mean a loss of jobs.
"We are prepared to accept some of stage one [of the development] as long as business interests are protected down there."
