LSU will give up its stake in the Edward Wisner Trust and accept a $5 million one-time payment under a deal the New Orleans City Council approved Thursday, moving city government closer to full ownership of the oil-rich land that has been the subject of multiple lawsuits.

The council unanimously approved $5 million in capital bonds Thursday for “capital expenditures consistent with LSU Downtown plans,” according to the council’s resolution.

The city owns oil-rich land in Port Fourchon that generates between $7 to $13 million in annual revenue. A century-old deal that splits the cash between New Orleans’ government, the heirs of philanthropist Ed Wisner, LSU, Tulane and others expired in 2014, and the council has argued that absent it, the cash should be controlled by city government.

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