Resolving a long-running dispute over a controversial petroleum coke terminal at the Port of Los Angeles, the City Council voted Wednesday to settle a lawsuit with Los Angeles Export Terminal for $27.7 million, the Daily Breeze reports.
Beyond the cash payment — to be paid with port funds — the city agreed to forgo about $46 million in back rent owed by LAXT, and to give up a stake in the operation the city had purchased for $19 million.
In return, LAXT’s parent company, Florida-based Oxbow, agreed to vacate the 117 acres of port land and conduct some environmental cleanup work. The port is now considering using the property for liquid bulk storage, on-dock rail and other purposes.