PROVIDENCE, R.I. (WPRI) — Providence has agreed to pay nearly $278,000 to evict a former downtown events venue from the property it has leased since 2016.

The city had been trying to evict Skyline at Waterplace for almost a year. The owners were accused of violating their lease by not keeping the property in good condition.

Target 12 obtained a copy of the settlement, which shows the city will pay the venue a one time payment of $277,905.87, which is comprised of rent collected by the city from Skyline during its eviction process and subsequent appeal.

TARGET 12: Providence committee approves settlement with Skyline at Waterplace

The city held that money in escrow.

The money has to be paid in full within 30 days of the finalized agreement, which was signed on Oct. 16.

Mayor Brett Smiley released a statement calling the settlement is the "best possible outcome" for the city and those involved with the property.

SEE ALSO: Skyline at Waterplace, city reach proposed agreement in eviction dispute

"We will now shift our focus to the future of this space which can be a great asset to the city," Smiley added.

Target 12 reached out to Skyline's lawyer, Michael Lepizzera, who said "the settlement concludes a business transaction and major investment" by his client.

"While Skyline is disappointed it was not able to realize the fruits of its business investment, this amicable settlement achieves finality for both parties and allows the city to hopefully repurpose a unique site that lies on the city's skyline," Lepizzera said.

The Providence Parks Department will take over management of the property.

Smiley spokesperson Josh Estrella said the city will be reviewing the condition of the property prior to making any decisions on future programming.

Alexandra Leslie ( ) is a Target 12 investigative reporter covering Providence and more for 12 News. Connect with her on Twitter and on Facebook .

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