ORANGE BEACH, AL – The City of Orange Beach and BP have come to a final agreement to settle the city’s claim against the oil giant related to the 2010 oil spill.

Orange Beach will net about $10 million in the settlement, Mayor Tony Kennon said.

“This was strictly for economic loss,” Kennon said. “We could not sue for any punitive damages or any emotional damage or stress damages. It was nothing else but strict financial numbers and financial loss. The suit we had available to us was to sue for economic loss during that one year.”

BP is still on the hook for issues with oil cleanup or environmental impact that could arise from buried oil from the spill washing ashore.

“As far as potential cost and risk with future cleanup efforts or issues with the environment they are responsible for that from now until the end of time,” Kennon said.

The spill was the result of an oil rig explosion in the Gulf of Mexico on April 20, 2010. By May oil from the rig washed up on Alabama beaches and essentially took away the 2010 summer tourist season.

BP was ordered to pay just more than $15 million, Kennon said.

“The $15 million, less the $3.6 million they’ve already paid us, minus attorneys’ fees, what we’re putting in the bank is about $10 million,” he said. “About $5 million more than we would put in the bank than what the original offer would have done for us.”

Originally BP offered Orange Beach about $9 million Kennon said, but that offer was rejected in July of 2015.

Gulf Shores settled in 2012 for $6.5 million and Foley received $875,000 the same year.

According to published reports Fairhope and BP reached a $1.8 million settlement in July of 2015 and banked about $1.35 million after attorney fees were paid.

Baldwin County settled for $11.5 million, netting about $7.2 million of that total, county officials said in February of 2015. The amount was distributed to the Baldwin County Board of Education, the Baldwin County District Attorney’s Office, Faulkner State Community College and other agencies.

In Mobile the city received $7.1 million and Bayou La Batre won a $352,000 settlement.

“We essentially doubled our amount by waiting which is a pretty good return on our investment,” Kennon said.

Orange Beach will deposit the money in the reserve fund, Kennon said, with an eye on using it for upcoming projects.

“We’ve got roads, bridges, we’ve got beach renourishment, we’ve got the pass, dredging,” Kennon said. “There’s some really big ticket items that I’m worried to death about. We want to put this money in the bank and deal with those as we get the opportunity or we have to.”

Previously BP gave Orange Beach $1.32 million to make up for lost tax revenue and another $1 million in two $500,000 grants to promote tourism and seafood.