JACKSONVILLE, Fla. -

The city of Jacksonville will be receiving $13.4 million from a company that went bankrupt while developing the Shipyards property downtown.

In 2006, LandMar unveiled plans to build on the waterfront property. They planned four condominium towers and a 700-foot pier.

Three years later, its parent company filed for bankruptcy and as a result, they city got the property back in 2011.

The city, however, also wanted its $57 million it was owed.

The Jacksonville City Council must pass a bill approving the bankruptcy settlement, and the money will go into the city's general fund. The council will then have to pass more bills before the money can be spent.

In December, another company came forward with a new plan for the Shipyards. It wants the Police and Fire Pension Fund to buy the property from the city and the developer would then manage it.

Other groups are also looking at the property, and even Shad Khan has said he's interested in what happens, because the Shipyards lead to Everbank Field.