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suffer a reduction in real property tax revenues for District <br /> purposes ; and <br /> WHEREAS , Mobil and the State of California have proposed , <br /> and this Council has agreed , subject to entering into the <br /> Agreement hereinafter approved , that an Agreement be entered <br /> into between Mobil , this Council , and the State of California , <br /> providing for , among other matters , the construction , operation , <br /> and maintenance of a public facility to be used primarily for <br /> storm water drainage and flood control purposes , and secondarily <br /> for a wildlife habitat and wildlife management purposes ( "Manage- <br /> ment Agreement " ) ; and <br /> WHEREAS , an Agreement has been presented to this Council <br /> providing for the indemnification of District by Mobil of the <br /> aforementioned reduction in real property tax revenues for <br /> District purposes in the event the Fill Permit is not issued <br /> prior to the real property tax lien date ; <br /> NOW , THEREFORE ; <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY , <br /> AS FOLLOWS : <br /> 1 . That certain Agreement entitled "Agreement for <br /> Indemnification of Certain Real Property Tax Revenues " by <br /> and between Mobil Oil Estates (Redwood ) Ltd . , a California <br /> corporation , and Mobil Oil Estates ( Bair Island Investments ) <br /> Ltd . , a Delaware corporation , jointly and severally , and the <br /> City Council of the City of Redwood City , a municipal corporation , <br /> acting as the governing body , for and on behalf of Redwood City <br /> General Improvement District No . 1- 64 , providing for , among <br /> other matters , the indemnification of District by Mobil for the <br /> loss in real property tax revenues hereinabove , and therein , <br /> described , a copy of which Agreement is on file in the Office <br /> of the City Clerk , to which copy reference is hereby made for <br />