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impediments to development within the Project.Area arising from <br />previous habitat conservation requirements, thereby encouraging <br />economic development and the elimination of blight in the <br />Project Area; and <br />WHEREAS, the City desires that the Agency repay the <br />cost of land acquisition, if and when the Project Area has the <br />capacity to make the repayments from tax increment revenues or <br />revenues from the property; and <br />WHEREAS, the loan of funds from the City to the <br />Agency is subject to a condition that the City adopts an <br />ordinance eliminating the time limit for the Agency to incur <br />indebtedness repayable with tax increment revenues from the <br />West Valley Redevelopment Project, in the City's sole and <br />absolute discretion; and <br />WHEREAS, the Agency and the City desire to enter into <br />a loan agreement (the "Redevelopment Cooperation Loan <br />Agreement") pursuant to which they Agency will use funds <br />advanced by the City in an amount not to exceed $4,000,000 to <br />acquire the habitat conservation land and the Agency will repay <br />the advances from legally available tax increment revenues of <br />the West Valley Project Area in the future; and <br />WHEREAS, the obligation of the Agency to repay the <br />loan pursuant to the Redevelopment Cooperation Loan Agreement <br />