By CBSMiami.com Team

MIAMI (CBSMiami/AP) — Former Miami Marlins owner Jeffrey Loria has agreed to reimburse the county and the City of Miami a total of $5.5 million for the cost of building Marlins Park.

The Miami-Dade County Commission approved the final lawsuit settlement after Loria agreed to a last-minute increase in the amount. A tentative settlement of $4.2 million was reached last month.

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The payment stems from the $1.2 billion sale of the team by Loria in 2017 to Derek Jeter and his ownership group. Loria bought the Marlins for $158.5 million in 2002.

In 2009, local government agreed to help pay to build Marlins Park in exchange for Loria’s pledge to share profits if he later sold the team. That agreement called for Loria to pay 5% of net proceeds from the sale of the team.

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Public money covered more than three-fourths of the $634 million cost for Marlins Park, which opened in 2012.

The settlement follows months of negotiations. The county will receive $4.8 million, and the City of Miami will receive $700,000 under the terms of the approved deal.

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(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)

CBSMiami.com Team