Jersey City, Port Authority settlement details

JERSEY CITY, N.J. (AP) -- Jersey City has reached an agreement on a four-year-old lawsuit filed against the Port Authority of New York and New Jersey over what the city claims are millions in paid taxes.

The city initially sued for more than $400 million in 2014, claiming the Port Authority hadn't paid taxes on dozens of properties over many years.

The Port Authority had denied the claims. The Jersey Journal reports the agreement still needs to be approved the Port Authority's board of commissioners and by Jersey City's council.

Among other details, it calls for the Port Authority to pay about $18 million to purchase one parcel of land and to increase its annual tax payments.