CARTERET, N.J. — A New Jersey borough has reached a $7 million settlement with the owner of an old metal refinery to clean up contaminated areas at its closed smelter plant.

The settlement between Carteret and U.S. Metals Refining Company requires the company to pay $4.25 million to end further litigation and fund environmental health initiatives in the borough. NJ.com reports the company will also pay an additional $3.15 million during the next decade.

Carteret Mayor Daniel Reiman says the agreement will ensure the borough’s environmental experts can monitor cleanup at the shuttered smelting factory without using taxpayer funds.

The borough previously reached an agreement with U.S. Metals in 2012 to clean possible off-site contamination.

U.S. Metals said in a statement it is committed to remediating soil in areas impacted by smelter operations.