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499 has had an opportunity to study this . With respect to General Improvement District 1 -64 , he had been informed of land trades with the State of California , which were expected to take place in 1973 -74 . To protect bond holders , it was necessary to have sufficient on hand to meet bond interest and redemptions . Also computed in was a tax cancellation factor , and if the land trade does not materialize , the money would be available for bond interest and redemption, and reduction of taxes accordingly . Councilman Norris expressed concern regarding the potential donation of land to the State . City Controller advised that assessment of property is made as of the first day of March , and at that time the possibility of a land trade was not known , so property was assessed at fair market value . There will be a reappraisal as of March 1 , 1974 and any increase in value would be reflected in the 1974-75 taxable year . In response to question by Council - man Rhodes , City Attorney indicated that the developer has the right to re - move land from the tax rolls , being a private landowner with private property , and Council can take this factor into consideration in their calculations . Mr . Don Warren , 125 Stonybrook Road , Los Gatos , project director for Mobil Oil Estates (Redwood ) Limited , read a prepared statement which he had distributed to Council and Staff , stating the reasons for rise in the District Tax Rate for 1973 -74 . Two factors were : virtually no new development during the past year , therefore no connection fees available as revenue for payment of debt service , thus placing the burden on present taxpayers ; secondly , it was anticipated that certain portions of Bair Island and Redwood Peninsula would pass into public ownership during the course of the next 12 months . The statement indicated that Mobil was responding to areas of concern over lands of ecological sensitivity and arrangements were nearing completion toward imple - mentation of this policy . The adjustments between development and conservation would reflect a more reasonable balance of land uses and put the District on a more realistic basis . In June 1973 , Mobil Oil Estates acquired 55 acres ( Brod property) on Redwood Peninsula with intention of annexing to the District in the future , and would add a new assessment base and also facilitate a more comprehensive commercial development program and assessment base to be built up over the years . (For full text , see City Clerk ' s file - Redwood Shores -Mobil Oil Estates . ) Mr . Warren also clarified the title of the firm , and advised that Mobil Oil Estates Ltd . had formed three new companies in the Bay Area ; i . e . , Mobil Oil Estates (Redwood ) Limited , Mobil Oil Estates (Bair Island Investments ) Limited , Mobil Oil Services Limited . Further agree - ments which may develop would be between the City and Mobil Oil Estates (Redwood ) Limited , having to do with Redwood Peninsula . In response to question by Councilman Rhodes with respect to accountability , Mr . Warren advised that the entire resources of Mobil Oil Corporation back Mobil Oil Estates (Redwood ) Limited . Mr . Ron MacQuarry , 558 Keelson , stated that it appeared there was a reduction in assessed valuation for the District for lands that will be donated or traded in the next year . Also , that 55 acres of land would be brought into the District . He felt that these transactions could be done simultaneously in order to stabilize the tax rate . He also noted reference in the report re - garding connection fees and expressed concern for the 8/13/73 Reg . Mtg .