ROCKFORD, Ill. (WTVO) — Rockford approved a settlement agreement Monday night to clean up the old Barber Colman site prior to its redevelopment.

Under the agreement, the City will provide $2 million in funding for environmental cleanup of the former industrial complex, at 1300 Rock Street.

Last month, developer J. Jeffers & Company signed an agreement to transform the complex into a mixed-use residential and commercial space, to become known as The Colman Yards.

Phase one of the development project is expected to cost $170 million and should be completed in 2024.