Editor’s note: To see interactive before-and-after photos of the Liberty Park oil spill, visit https://bit.ly/oxvS1C

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More than a year after crude oil coursed into Red Butte Creek and Liberty Park pond, Chevron has brokered a deal with Salt Lake City and the state to pay for the damage.

The oil company has agreed to a $4.5 million payout to cover two separate spills — one in June 2010, the other in December — that spewed tens of thousands of gallons of petrol onto the ground and into waterways.

Salt Lake City Mayor Ralph Becker declared Tuesday that the deal will do what his administration has promised: "Hold Chevron accountable for damage to the health of our city’s residents and natural environment."

"I am hopeful," Becker said, "that as the requirements of the settlement and agencies are met and the assessment of the affected areas is complete, the concerns of our residents will be satisfied, and the repair and restoration of the damaged riparian corridors will be accomplished."

The settlement, released Tuesday, requires Chevron to make the following two payouts to Salt Lake City:

• $3 million for the continued cleanup and protection of waterways affected by the oil spills.

• A $1 million payment to compensate the city for any claims that arise from environmental and social impacts.

The settlement also imposes a $500,000 civil fine on Chevron, payable to the state.

"We have accepted responsibility for the cleanup and restoration activities associated with both events, and are working with the state and city on those efforts," Chevron President Randy Curry said. "This agreement further demonstrates our commitment to the Salt Lake community to complete restoration activities and comply with all applicable regulatory requirements."

The payout comes after a series of oil spills released 54,600 gallons of crude into the ground and water near Red Butte Garden in the capital’s foothills. The leaks left an indelible mark on Red Butte Creek that has been felt in the chemical spill that wafts from the east-side streambed and in the stains that remain on rocks along the channel.

Chevron already has put tens of millions of dollars toward cleanup. And the work isn’t done. The settlement agreement released by the city identifies $42.6 million in spill-related expenses, ranging from a $100,000 waterfowl mitigation project to a $36.6 million price tag for remediation efforts in Red Butte Creek.

Becker characterized the latest $4.5 million settlement between the state, Chevron and the city as "very fair."

Harvard-Yale neighborhood resident Peter Hayes has another word for it: "inadequate." Hayes, whose son was hospitalized and whose home was evacuated during the spill, said the sum provides no deterrent for an oil company the size of Chevron to guard against future problems.

"The object of having fines and punishments is to alter behavior," he said. "This fine will do nothing to change their behavior. It is insufficient."