As a result of the 2010 oil spill, over eleven million dollars will be pumped back into a Bay County City. In the "out of court" settlement Panama City Beach calculated the economic loss for past present and future damages and they waited for BP to accept or deny the figure.
Panama City Beach city manager for reaction. According to city officials, keeping the negotiations out of court saved both time and money for BP and the city. Panama City Beach is receiving the largest economic loss claim paid by BP to a local government.
This is the final settlement by BP rounding out the money the city has received to eleven point two million dollars. In 2011 the city was given one point two million dollars to offset lost business tax revenue. Now BP is giving nine point eight million to the city to compensate for past and future losses caused by the oil spill.
According to Panama City Beach City Manager, Mario Gisbert, BP has worked with the city to ensure it will be financially compensated for all it has lost.