OAKLAND (CBS SF) — The city of Oakland has obtained an $850,000 settlement in bankruptcy court from the operator of the Port of Oakland’s second-largest terminal, which filed for bankruptcy earlier this year, city attorney officials said Thursday.

Outer Harbor Terminal, also known as Ports America Outer Harbor Terminal, filed for bankruptcy only seven years into a 50-year lease for the 208-acre facility it had signed in 2009.

In addition to leasing the property, Outer Harbor Terminal managed shipping and other operations there.

Oakland City Attorney Barbara Parker said the U.S. Bankruptcy Court for the District of Delaware recently approved the payment of $850,000 to the city to settle the city’s claim regarding transfer tax, which is a tax the city imposes when a party sells or conveys an equivalent property interest in real estate.

She said the city has now received the payment.

Parker said in a statement, “Securing large settlements like this in bankruptcy court is very challenging. I applaud our team for its skillful handling of the case.”

Parker said, “Large corporations operating in our city must pay their fair share of taxes, just like everybody else.

These dollars will be deposited in the city’s general fund and will help to pay for police, firefighters, libraries, parks and other crucial services that the people of Oakland rely on and deserve.”

TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Bay City News Service contributed to this report.