Penn National Gaming and the city of Columbus, Ohio, have reached an agreement that gives Hollywood Casino Columbus public services needed for its project at I-270 and Broad Street and the city $24 million in estimated annual tax revenue plus the opportunity to pursue residential development on the originally planned casino site.

Per the terms of the settlement, Penn National will receive $11 million for its vacated site in the Arena District, sewer and water services for the new site, formerly a Delphi auto parts plant, and $15 million in clean-up funds. The company in turn will be required to annex the site from Franklin Township. The city of Columbus had provided sewer service to Delphi, but only as part of a services contract with the township. The annexation process is expected to take four months.

“While this has been a lengthy and at times contentious negotiation, I am pleased the City and Penn National have come to terms on the agreement and look forward to fulfilling our promises of revitalizing the West Side,” said Mayor Michael B. Coleman in statement. “I am excited to work with Penn National to ensure the casino is constructed on time and we begin the process of transforming this important neighborhood.”

At a quarterly conference call with investors, Penn National CEO Peter Carlino said, “We expect to complete the documentation of these matters shortly. In the meantime, construction has continued on our planned $400 million Hollywood Casino Columbus project, which we expect to open in the fourth quarter of next year.”

Hollywood Casino Columbus will employ 2,000 people. It will feature up to 3,000 slot machines on a 130,000-square-foot gaming floor that will also operate 70 table games.