Waste Management Inc. has agreed to pay $1.24 million to the city of Seattle over missed waste and recycling collection during an eight-day worker strike starting in late July.

Seattle Mayor Mike McGinn said in a news release the settlement money will be shared by residents and businesses impacted by the strike. Residential accounts will receive credits of $10 on their bill, while condominiums, businesses and apartments will receive a $50 credit per dumpster account.

Waste Management's service areas include 90,000 households, 2,200 apartments and 4,500 businesses. Services to these customers were delayed from 5 to 12 days as a result of the strike.

McGinn said Waste Management worked hard to resume service and cooperated with the city to reach a prompt settlement.

Teamsters Local 117 ratified a six-year contract Aug. 2 after about 500 workers went out on strike over the compensation package July 25.