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COLUMBIA, S.C. (AP) -- A state financial oversight board has approved a land swap and payment deal designed to resolve all lawsuits over providing rail access to the Port of Charleston.

The five-member Budget and Control Board voted unanimously Wednesday to accept the settlement worked out between the Department of Commerce and North Charleston. The North Charleston City Council approved it Tuesday.

Commerce Secretary Bobby Hitt says the settlement represents the start of building an intermodal rail yard that's critical to the port's expansion and attracting business.

The deal involves several land transfers and the agency's rail division paying the city $8 million over four years.

The state ends up with about 280 acres of the former Charleston Naval Base. The city gets waterfront property it intends to use for recreation and residential development.

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