The company has been the largest employer and source of tax revenue in the city for years, but has received scrutiny for the pollution it causes.
"I don't know that there's an amount of money that's enough money. Because we're talking about generations of harm, of death, of sickness, of pollution," said Megan Zapanta, of the Asian Pacific Environmental Network.
As a part of the settlement, Richmond has agreed to pull a measure that was set to appear on the November ballot. That measure would have asked voters to approve a refinery tax on Chevron.
MORE: Chevron says Richmond ballot measure to tax refinery will cost Bay Area drivers
"We were talking to hundreds of voters a day and they were excited to vote in November. They were excited to hold big polluters accountable," Zapanta said.
The city council expressed their support for the refinery tax on Wednesday.
However, Mayor Eduardo Martinez believes this settlement is an easier, guaranteed way to get the money from Chevron.
"Carson City had passed a similar measure in 2017 and they still haven't seen the money because its been tied up in litigation," said Mayor Martinez.
MORE: Several violations issued to Chevron for Richmond refinery flaring, officials say
Mayor Martinez says it was fear of losing at the ballot box that pushed Chevron to approach the city with the proposal. But the company says it views the offer as a way of being a responsible member of the Richmond community.
"I think we always maintain a good dialogue with the city. We're always looking at ways to collaborate. Like I said, we've had a long history with Richmond," said Chevron spokesperson Brian Hubinger.
Many of the environmental activists say despite the city council accepting the settlement with Chevron, they will continue to apply pressure to the fossil fuel giant. They say their attention will now turn on making sure the money addresses the needs of the East Bay city, as well as planning for a green future.
"The long-term investments in a just transition away from fossil fuel refining that our community has been demanding all along," Zapanta said.
Both the mayor and the city council say none of this would have been possible without the local environmental groups.