Okaloosa County BOCC — July 30, 2015 — III. j. BP Settlement Update

TOURIST DEVELOPMENT DEPARTMENT MEMORANDUM DATE: July 30, 2015 TO: Tourist Development Council FROM: Ed Schroeder, Tourist Development Department Director Jim Trifilio, Coastal Management Coordinator SUBJECT: BP Settlement Update STATEMENT OF ISSUE: Updating the TDC on the BP settlement. BACKGROUND: Settlement information is being provided for informational purposes only. OPTIONS: N/A. RECOMMENDATION TO BCC: N/A; for informational purposes only.  Deep Horizon Oil Spill Settlement Fact Sheet The Deepwater Horizon oil spill occurred on April 20, 2010 and caused significant impacts to Florida’s natural resources and economy. Of Florida’s 790 miles of coastline, at least 177 miles were affected by the oil spill. Under this agreement in principle, BP would pay a total of $18.5 billion (not including the $1B it already committed for early restoration projects) to the affected governmental entities, including: 1) Economic Claims; 2) Natural Resource Damages; 3) RESTORE Act civil penalties. Economic Claims  $4.9 billion will be paid to resolve the Gulf Coast states’ economic claims:  Florida: $2 billion  Louisiana: $1 billion  Alabama: $1 billion  Mississippi: $750 million  Texas: $150 million Natural Resource Damages  $7.1 billion (not including the $1 billion already committed by BP for early restoration projects) to the Gulf Coast states and the United States to resolve their natural resource damage claims:  Louisiana: $ 5 billion  Florida: $680 million  Mississippi: $296 million  Alabama: $296 million  Texas: $238 million  Regionwide projects: $350 million  Open Ocean projects: $1.24 billion RESTORE Act  $5.5 billion to resolve Clean Water Act civil penalties, with Florida receiving at least $572 million of this amount pursuant to the RESTORE Act. Local Claims  Approximately $1 billion to resolve the economic loss claims of the vast majority of local governmental entities (including school boards) located in the Gulf Coast states. What Does Florida Get?  As part of this agreement in principle, Florida will receive at least a total of $3.252 billion:  $2 billion for economic damages;  At least $680 million for natural resource damages;  At least $572 million from the RESTORE Act.  Payments to Florida will come in over the course of several years per an agreed schedule. This is only an agreement in principle, with any final agreement contingent on the execution of settlement agreements with all necessary parties and court approval of the Consent Decree. BP to Settle Federal, State and Local Deepwater Horizon Claims for up to $18.7 Billion ... Page 1 of 3 Cookie information We use cookies to provide you with the best experience on our website. If you continue to use the site without changing your settings, we'll assume that you are happy to accept all cookies on the BP website. Blocking certain cookies can reduce the functionality of the site. Remember Continue you can change your settings at any time by referring to the help menu on your internet browser. More information on our cookies Press Press releases BP to Settle Federal, State and Local Deepwater Horizon Claims for up to $18.7 Billion BP to Settle Federal, State and Local Deepwater Horizon Claims for up to $18.7 Billion With Payments to be Spread Over 18 Years Release date: 02 July 2015 The Disclosure and Transparency Rules (“DTR”) made by the Financial Conduct Authority govern amongst other matters the disclosure of inside informat