Chevron and the city of Richmond might pull the plug on their rival ballot initiatives, under a tentative agreement in which the oil giant would funnel $114 million in new revenue into city coffers over the next 15 years.

The City Council will hear public comments and consider approving the deal Tuesday night.

Chevron would keep paying what it owes under the city's utility tax law, plus an additional amount every year ranging from $4 million to $13 million under a set schedule.

Chevron also would agree to complete three provisions in the derailed "community benefits agreement" the parties forged in 2008. The company would do fence-line air quality monitoring, provide an easement for the Bay Trail and pay $2 million to reduce greenhouse gas emissions.

The city would nix its November ballot measure, which eliminates a method for calculating utility taxes the refinery previously used. Chevron would halt efforts on its counter-initiative, which would have the refinery pay a set amount and cut taxes for others.

The city would withdraw its appeal of a Contra Costa Superior Court ruling that declared "unconstitutional" the 2008 voter-approved Measure T manufacturers fee, which would have drawn the bulk of its revenue from the refinery. Chevron would waive $1.2 million in interest the city is supposed to pay to the oil company.

The council will publicly consider the deal Tuesday at 6:30 p.m. at 440 Civic Center Plaza, Richmond.

Katherine Tam covers Richmond. Follow her at