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City officials say the estimated $113 million project along Dames Point Road would create 10 jobs by December 2027.
Neighbors have asked agencies since the 1990s to clear sediment that has filled in a lot of the two creeks.
Arcadia Cold and FreezPak Logistics will receive a combined $5 million in property tax breaks for a total $202.5 million investment.
Arcadia Cold and FreezPak Logistics would invest $202.5 million and create a combined 140 jobs pending legislation to be considered Aug. 23.
The New Jersey-based company requests a $3 million city property-tax grant for the project.