Image courtesy of JLL

Environmental cleanup of the ExxonMobil fuel storage property in Everett will cost $100 million, Boston-based The Davis Cos. estimates.

The developer is preparing to acquire the 100-acre industrial property on Beacham Street for a mixed-use development including multifamily housing and commercial space.

Davis Cos. will seek “significant public inventive funding” including a tax increment financing agreement from the city of Everett, according to an application submitted to the attorney general’s brownfields unit.

Potential sources of state funding include the Mass Works Infrastructure program, MassDevelopment’s brownfields redevelopment fund, the Economic Development Incentive Program, Brownfields Tax Credits and Infrastructure Investment Incentive bonds.

“The project aims to transform this area into a remediated, vibrant, multi-use district with a wide range of public benefits,” the application states.

Boston-based Conservation Law Foundation sued the current owner of the property, ExxonMobil, in 2016 seeking to force a cleanup of site conditions that have resulted in groundwater contamination and potential future oil spills in the Mystic River.

The two sides have reached a settlement and intend to file a notice to dismiss the lawsuit by Jan. 2, according to a filing in U.S. District Court in Boston.

The Davis Cos. is seeking approval by the attorney general’s office of the brownfields agreement, releasing it from liability for the contamination in exchange for the cleanup. The property includes a former oil refinery that operated until 1964, and storage facilities for fuel oil, gasoline, diesel and jet fuel.

Existing contamination on the site includes soil and groundwater contamination by petroleum hydrocarbons and lead, the application states.

Davis Cos. executives presented preliminary plans for a 4.2 million-square-foot mixed-use development to Everett officials last year.