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RESOLUTION No . 7760 <br /> DES : jp : 2/7 / 77 <br /> RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br /> AGREEMENT PROVIDING FOR INDEMNIFICATION OF REDWOOD <br /> CITY GENERAL IMPROVEMENT DISTRICT NO . 1 - 64 IN THE <br /> EVENT OF LOSS OF CERTAIN PROPERTY TAX REVENUES <br /> (MOBIL OIL ESTATES ( REDWOOD ) LTD . AND MOBIL OIL <br /> ESTATES ( BAIR ISLAND INVESTMENTS ) LTD . ) <br /> FEB 7 1977 <br /> WHEREAS , pursuant to a proposed agreement between Mobil <br /> Oil Estates ( Redwood ) Ltd . and Mobil Oil Estates ( Bair Island <br /> Investments ) Ltd . ( collectively , "Mobil " ) , and the State of <br /> California , acting by and through the Department of Fish and <br /> Game , entitled " Phelps Slough Mitigation Agreement " , Mobil <br /> proposes to convey to said State some Two-Hundred and Sixteen <br /> ( 216 ) acres of real property located on Bair Island and some <br /> Twenty ( 20 ) acres of real property located on Redwood Peninsula <br /> in the vicinity of Phelps Slough , all within the boundaries of <br /> Redwood City General Improvement District No . 1- 64 ( "District " ) ; <br /> and <br /> WHEREAS , the Phelps Slough Mitigation Agreement is proposed <br /> to be entered into by Mobil as a condition to the issuance of a <br /> U . S . Army Corps of Engineers Permit to fill lands ( " Fill Permit " ) <br /> as more particularly set forth in Corps of Engineer ' s Public <br /> Notice No . 10354- 49 ; and <br /> WHEREAS , in the event the Fill Permit is not issued prior <br /> to the real property tax lien date effective for district tax <br /> assessment purposes for the current year (viz . , March 1 , 1977 ) , <br /> so that the assessed valuation of lands owned by Mobil and <br /> proposed for development pursuant to the Fill Permit is not <br /> increased by virtue of the value imparted to the land by said <br /> Permit , District will , by reason of conveyancesto the State of <br /> California pursuant to the Phelps Slough Mitigation Agreement , <br />