BILOXI, Miss. (AP) – The city of Biloxi is accepting $4.9 million from BP as part of a group settlement of local government claims for economic losses caused by the 2010 BP oil spill.
Last week, BP and five coastal states announced a deal to provide $18.7 billion in new money to the states. The company said the settlement would bring its full obligations to an estimated $53.8 billion.
The Deepwater Horizon disaster killed 11 rig workers and spewed millions of gallons of crude.
According to multiple media reports, Biloxi officials Tuesday agreed to take the settlement. They expect the money in 30 days.
Mayor Andrew “FoFo” Gilich says he’ll propose the city set up a reserve account that can be used to leverage other federal and state money for economic development.