The SS United States Conservancy has reached a settlement with Penn Warehousing & Distribution the company that controls the Philadelphia pier where the once famed ocean liner has sat for nearly 30 years. As part of the terms of the settlement, the title to the ship will be transferred in the coming days to Okaloosa County, Florida which is proceeding with its plans to sink the vessel to become the world’s largest artificial reef.

The non-profit confirmed in a statement today, October 11, that it has settled in the court-ordered mediation with its landlord. Terms of the agreement were not announced, but according to a briefing to the Okaloosa Board of County Commissioners, Okaloosa assumes the rent payments retroactively as of September 12 and faces a penalty if it does not remove the vessel by December 12. It will also pay up to a third of the cost of repairs to the pier’s bollards and fenders.

CLICK HERE to read the full story from The Maritime Executive.