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� 14'?' k > � In response to questions, Mr. Fales advised that the possibility of constructing a water storage tank o� the site in question as orig- inally planned has been eliminated and that the part of the dike at the tip of Bair Island which has been breached and is under water is ' part of the land donation to the State. Don Warren, Mobil Oil Estates (Redwood) Limited, advised that the (See n a y e dike has not been breached, but overtopping has occurred, and the 151) dike has not been repaired causing about 200 acres to be under water. Councilman Norris requested that the following statement of his ob- servations be included in the Minutes• "1. The whole question of the future land use on Bair Island and its economic value must be resolved before the Board of Directors of GID 1-64 formulizes any financial agree- ments with Mobil. The worst case "no development on Bair Island" should be considered before the issuances of new bonds "2 In 1963, 900 acres were exchanged and a proposed boundary settlement agreed to. Now we have a donation of 213 acres-- again to mitigate fish and wildlife concerns. "3 It is clearly understood that the City Controller must raise adequate revenues to meet the District's financial obligations. It is also understood that the land holder has the right to sell or donate property to which he has legal title It is unfortunate that the District Guide- ' lines do not, at present, protect the homeowner in this type of situation but must before the issuance of sub- sequent bond issues "4. Aside from the issues of appraised values and appropriate land uses on Bair Island is the issue of developer and District Board of D�rector responsibility for protecting homeowners from unscheduled and untimely District tax rate increase." In response to questions, Mr. Fales advised that there is no inten- tion to authorize bonds until Council and staff are satisfied; that the reference to "in tract" improvements refers to the District, and the statement of the Mobil position in the penultimate para- graph of Mr. Schricker's memorandum that "district taxpayers should not be pre,7udiced by implementation of" the Agreement rather than "will not" is a matter with which the City Attorney and the District Assessor are concerned District Assessor Ference described the considerations involved in property valuations, observing that the valuation will be made as of March 1, so that if Mobil's application for a U. S. Army Corps of Engineers permit to fill the shopping center site �s granted before that date, as is expected, there will be a substantial increase in the value of the property to be filled. A tax loss to the District ' would occur if the permit is not received prior to the March 1 tax lien date, because of the donation of the additional 213 acres for wildlife purposes. -7- Reg.Mtg ` 2/7/77