ANTIOCH -- After yet another hurdle over cost complexities, a plan to annex 678 acres to the city's northeast is now in the hands of the county's Local Agency Formation Commission.

Antioch leaders cleared the path for the annexation this week, approving a pair of financial agreements that spell out how future tax revenue would be split and funding for necessary area infrastructure.

The land is divided into three swaths: 481 acres of industrial waterfront that include two natural gas-fired power plants, 94 acres for marina and storage uses, and 103 acres of established rural properties off Viera Avenue.

The plans the City Council approved Tuesday mirrored those approved by county supervisors earlier this month. The city and county reached that accord after months of jockeying over the county's desire to keep entitlement authority over a piece of the industrial waterfront.

If annexation is approved, property tax revenue in the area would be split 62 percent to the county and 38 percent to the city, starting in 2015.

Antioch estimates the area could yield about $970,000 to $1 million in net tax revenue each year, and provide other economic opportunities on the waterfront. Both parties will also set aside $500,000 over the next five years to boost area economic development initiatives.

City Manager Jim Jakel said annexation could allow Antioch to capitalize on a "super underestimated location advantage" given its proximity to the power industry, water and a port.

"I put this annexation in the same category of the widening of Highway 4 or the opening of eBART. This is a really big deal for the city," Jakel said.

The council agreed, noting how long the process took.

"At the end of the day, when you end up with a document like this, that we can proudly say is going to deliver income, and jobs and leverage the waterfront ... we can be proud of that," Councilman Gary Agopian said.

First applying for annexation in 2007, Antioch covets the industrial area for its revenue potential. The formation commission, which manages orderly growth and boundaries, however, says Viera area must be included to avoid creating a "land island."

The agreement says the city and county will contribute $3 million over 10 years to add water, sewer and storm drains to Viera residential areas, with Antioch covering the rest with grants and loans. Antioch estimates it would cost about $10.7 million, and nearly $5 million more in other engineering and contingency costs, to add the infrastructure.

About a handful of concerned area residents opposed to the annexation attended the meeting Tuesday but did not speak. A large part of their objections is the formation commission may waive their right to vote on the annexation.

The commission, which has final say on all land boundaries, could consider the annexation at its Jan. 8 meeting.

Contact Paul Burgarino at 925-779-7164. Follow him at Twitter.com/paulburgarino.