ENGLEWOOD CLIFFS - An electronics company will sharply reduce the height of its planned 143-foot corporate tower in a Bergen County community, resolving concerns raised by critics.

The agreement announced Tuesday by LG Electronics USA calls for a five-story north wing in Englewood Cliffs that will be just shy of 70 feet in height. There will also be a three-story south wing.

LG USA President and CEO William Cho says the settlement "will pave the way for a world class sustainably designed building to the benefit of LG, Englewood Cliffs and New Jersey, while preserving the iconic vistas and integrity of the Palisades."

Conservation groups who had opposed the $300 million project will now withdraw their appeal of zoning approvals that the company received from the Bergen County town. A state judge had upheld the approvals in 2013.

The company says the new 360,000-square-foot corporate campus will allow it to double its local employment to more than 1,000 by 2019. There is also the possibility of $26 million in annual tax revenue and developments.

Englewood Cliffs Mayor Joseph Parisi says this will be good for the town.

"People have to get a place to live. They have to buy food. They have to go shopping and the rest of this surrounding community and Bergen County and the state of New Jersey will be happy with the results," he says.

The goal will be to break ground on the new tower by the middle of 2016.

The Associated Press wire services contributed to this report.