Mayor Sandy Stimpson today announced a $7.1 million settlement of the City of Mobile’s claims against BP related to the 2010 oil spill. After expenses and attorneys’ fees, the City will receive $4.7 million to recover lost tax revenue and other damages caused by the Deepwater Horizon disaster.

“The oil spill had a devastating effect on the entire Gulf Coast, and this settlement is an important step in the ongoing recovery process for our citizens,” Stimpson said. “We believe this agreement is a fair deal for our community and allows us to avoid additional litigation.”

The funds are expected to be delivered to the City within 30 days, under terms of the agreement. Stimpson spokesman George Talbot said there are no immediate plans for the money, although the mayor “has a few ideas in mind” and is currently “going through an assessment.”

Talbot said since the settlement is essentially money the city didn’t receive, due to the spill, they’d like to use it in a way it would’ve been used.