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148 In response to questions, City Attorney Schricker advised that the primary purpose of the Agreement is drainage and the Agreement merely provides "for the management of the facilities shown on the BKF Management Plan for wildlife habitat and wildlife management purposes " in con�unction with such use ' Mr. Schricker advised that his office has not prepared an additional agreement to take care of an offset to the tax loss to the District in the event the Corps permit is not issued before the tax l�en date, noting that there would be exposure by the landowners in the District. Mr. Schricker said a written agreement has been considered and is possible, but the necessary facts have not been available, and therefore, he recorrmends the cautiovs approach would be to withhold action on the sub�ect Agreements until a separate agreement is pre- ' pared to provide for the recapture of lost assessed valuation. Jim Neumann Mobil Oil Estates (Redwood) Limited, stated that it is important to move as quickly as possible and advised a draft of a proposed agreement of the type recommended by the City Attorney has been prepared but time prevented its being discussed with City representatives Mr. Neumann advised that the draft agreement con- tains statement of Mobil's intention to make a cash payment to cover any tax loss to the District caused by the 213-acre donation in the event the fill permit is not issued by March 1. In response to request of City Attorney Schricker, a recess was called by Mayor Leipzig to allow him to review the draft agreement submitted by Mobil. (Council recessed from 9 38 to 9 55 p.m ) ' City Attorney Schricker advised that he has reviewed the draft agree- ment and finds it acceptable, calling attention to an essential element of the draft agreement that Mobil is not setting a precedent of any kind in making its offer MOTION Titles having been read, Councilman Bury introduced the following resolutions and moved, seconded by Councilman Vega, their adoption. RESOLUTION N0. 7759 APPROVING AND AUTHORIZING EXECUTION OF AGREEMENT FOR MANAGEMENT OF STORM WATER HOLDING BASIN AND MITIGATION POND, AND FINDING CERTAIN MITIGATION AGREEMENT CONSISTENT WITH INTERESTS OF REDWOOD CITY AND GENERAL IMPROVE- MENT DISTRICT NO 1-64 RESOLUTION N0. 7760 APPROVING AND AUTHORIZING EXECUTION OF ' AGREEMENT PROVIDING FOR INDEMNIFICATION OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT fJ0 1-64 IN THE EVENT OF LOSS OF CERTAIN PROPERTY TAX REVENUES (MOBIL OIL ESTATES ((REDWOOD)) LIMITED AND MOBIL OIL ESTATES ((BAIR ISLAND INVESTMENT)) LIMITED) The resolutions were adopted unanimously by roll call vote. ' -8- Reg.Mtg 2/7/77