The City of Rockford tells 13 News the official closing took place Friday afternoon. The closing is expected to take a couple of days, with a final review set for Monday and funds expected to be transferred on Tuesday.
This is the final step before construction on the new 160-room Embassy Suites can begin. The city says that construction, and an official groundbreaking ceremony, are expected sometime early in 2018.
"The vast majority of folks who were against it were against it because they never thought it was going to happen," said Rockford Mayor Tom McNamara. "It'll bring in 24/7 activity to our downtown center and it will continue to aid all of our businesses throughout the city of Rockford.
No official dates have been set at this time but we are expecting further details from the city on Monday.