It's official: Cormier signs for $45M BP settlement

By Jason Browne

Plaquemines Parish is out of the danger zone. President Amos Cormier III called a press conference May 10 to officially announce the parish’s acceptance of a $45 million settlement from BP for the 2010 Deepwater Horizon oil spill that polluted the parish’s coastline and fisheries. He also signed council ordinance 17-47, legally effecting the parish’s agreement with the petroleum giant. “It’s been a long time coming,” said Cormier, flanked by two councilmen, Plaquemines Parish Government directors and administrative staff in his Belle Chasse office as news cameras rolled.

The initial $25 million payment from BP is expected to arrive in August, the same month Cormier has repeatedly said, on advice from finance manager Tommy Serpas, parish government will run out of money. Cormier said the BP settlement will arrive in four $5 million annual installments after the first $25 million payment. In addition, Cormier’s administration has collected nearly $1 million in outstanding FEMA payments to provide some financial relief

 

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Plaquemines Gazette

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