On Thursday, the Peoria County Board approved a resolution to settle a lawsuit with other creditors involved in the Firefly Energy loan default. The $500,000 settlement allows the City and County to own Firefly’s intellectual property, which they can then sell free and clear to Electrotherm Ltd. of Ahmadabad, India. After the sale of the assets, the County and City will only owe the bank $2 million, so the total cost to settle the original $6.6 million loan guarantee will be $2.5 million.

The vote to approve the resolution was 15-2, with Brad Harding and Andrew Rand voting against it for unspecified reasons.