City, PG&E Reach Multimillion Dollar Settlement

Update: 10 a.m. The city just said the settlement reached between the city and PG&E is $70 million. According to a statement,

The agreement calls for a $70 million payment to be made by PG&E within 30 days. With this money, the city will establish a separate not-for-profit public purpose entity to manage the funds and determine how the restitution should be spent for the benefit of the community as a whole.

Mayor Jim Ruane said the following in a statement: "This money will be used for the benefit of all the citizens of our city and to help us, as a community, get beyond the tragedy and devastation caused by PG&E’s explosion and fire."

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City officials are expected to announce a multimillion dollar settlement with PG&E this morning for restitution to support the city's recovery efforts following the 2010 pipeline explosion in the Crestmoor neighborhood.

Mayor Jim Ruane to publicly blast the utlity for stalling negotiations with the city to provide additional compensation for the damage left by the disaster, which left eight people dead, 38 homes destroyed and another 70 damaged.

PG&E quickly followed up by resuming the compensation talks. This settlement is in addition to the  to pay for restoring the city infrastructure damaged by the explosion.

Ruane and City Manager Connie Jackson are expected to explain the details of the settlement at a news conference at 10:45 a.m. at City Hall.

Check back on San Bruno Patch later today for further developments.