The contract now goes before full council on Wednesday.
The local clean-tech company developed a proprietary technology known as plasma gasification that converts residential solid waste into electricity.
Under the draft contract, the city would would pay a tipping fee of $83.25 a tonne and send 300 tonnes of residential solid waste daily to Plasco's proposed new facility on Moodie Drive, directly across from the Trail Road landfill. That works out to approximately $9.1 million a year and 109,500 tonnes annually.
The plant would be capable of processing 128,500 tonnes of waste, which means Plasco could seek out additional customers.
The proposed contract with the city contains a revenue sharing agreement that kicks in after Plasco collects its first $34.1 million in gross revenues from the Ottawa waste processing plant. The city would receive the next $822,000 and 25 per cent of all revenues after that.
Additionally, the city receives $5 in "marketing fees" for every tonne processed at any other Plasco plant constructed in North America, up to a maximum of $3 million a year and a total of $18 million.
Plasco would be responsible for all capital construction costs, as well as for selling the electricity generated by the plant.
Some critics of the deal said councillors and members of the public had too little time to examine the deal, and said the made-in-Ottawa technology was unproven on a large commercial scale.
During a briefing earlier this month, Plasco CEO Rod Bryden said it is unlikely the company would remain headquartered in Ottawa without a city contract.