The City of Waterloo has reached a $3 million settlement in its litigation over the RIM Park financing deal.

Mayor Brenda Halloran tells 570 News they feel they have been able to get the best settlement for their residents.

“It’s done we’re settled and we can move forward.” said Halloran.

She says the key factors in the decision were the cost of more legal action, the risk of an unsuccessful judgement and the possibility of appeals.

The city held a special council meeting to deal with the issue Thursday afternoon.

Taxpayers shell out $5 million each year for RIM Park, that deal doesn’t end until 2031.

The following is a video of Halloran, posted by the City of Waterloo: