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.READ MORE: Residents Bubbling Up With Anger After Sunrise Utilities Department Sends Out Bloated Water Bills
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.READ MORE: Pair Of South Florida Children Who Died A Couple Weeks Apart Have Saved 11 Lives Through Organ Donation
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.MORE NEWS: Extremely Vulnerable To COVID? Complete A Medical Exemption Form & Visit New Federal Site At MDC’s North Campus
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