TIF dollars go into a special city fund earmarked for infrastructure costs and improvement costs in that Tax Increment Finance District.  New infrastructure typ-ically helps past, present, and future development in that district.
On a similar note, Mark Kaltsas stat-ed, "Taxes generated by commercial and residential are almost identical.  Residen-tial has higher valuation per square foot than commercial.  Residential can become a revenue source for the city." 
He said that the proposed Meuwissen building [one of three or four in the large picture] consists of approximately $19 million in residential value and $5 million in commercial value.  The street level is proposed for retail.
Said Councilmember Terry Bishop, "The assumptions you make today, affects tomorrow.  I won't make the assumption that condos at $700,000 will sell."

Referring to the various maps placed before city councilmembers, Planning Consultant Mark Kaltsas pointed out, "There are some potential projects you could do in 2007 without doing streets."
He continued, "The developer at the Creamery is waiting to see what you'd like to do and when you'd like to do it.  Closing or opening Stieger Lake lane is something the council can give direction on."
Mark added, in reference to the for-mer railroad bed and current bike trail along Stieger Lake in the Victoria Down-town District, "The hottest property is along the LRT."  Light rail transit has often been proposed for that trail bed through Victoria.  Mark said people are scrambling to buy property for projects along the LRT between Minneapolis, the Airport, and the Mall of America.
Said Councilmember Terry Bishop, "Whoever owns property along that LRT line today will be in a different life by the time a train comes through."

Stated Mayor Bohn, "I do think we should give some direction to get some projects going now."
Mark Kaltsas spoke of discussions with existing Victoria business people.  "Downtown business people are over-whelmingly in favor of moving forward and keeping downtown development moving.  Most of the people said their business is better today than before Phase One.  The additional activity coming into downtown has improved their business."
About the closing or reconstruction of Stieger Lake Lane, he said, "I didn't get a lot of pros or cons.  They do want an open space for art fairs and functions.  Also, business people on the east side want Commercial Avenue extended to Tower so they're more part of downtown Vic-toria.  Most of the right of way there is on the Cal Haasken property."

OTHER VICTORIA NEWS FROM OCTOBER
PARK TO REMAIN AT SOUTH LAKE VIRGINIA SHORES

*Council voted unanimously to retain the city-owned property at South Lake Virginia Shores for park purposes.  Being considered by the Park and Recreation Committee for that area:  new tennis courts, leisure skating rink, paved parking lot, and small park shelter.
*Mary Thun and Kim Roden were appointed to negotiate with any and all potential partners for the Victoria Field House including, but not exclusive to, Holy Family Catholic High School, School District 112, the YMCA, and the City of Chaska.
*Mayor Bohn asked staff to check into the city's policy whereby buildings - such as the new Waterbrooke Fellowship Church -- that require a sprinkler system and need a 6" pipe are required to pay $700 per quarter water usage charge, but they don't use as much water as a house-hold, which only pays $29 per quarter.
*Council approved the Carver Coun-ty Sheriff's 2007 Police Contract.  It will cost the City of Victoria $249,868 and in-cludes $10,556 for a part time Community Service Officer (CSO).
*Council received communication that the Metropolitan Council is increas-ing its Service Availability Charge (SAC) by $125 to $1,675.  Since this is a "pass through" fee, as stated by Finance Direc-tor Jylan Johnson, the city's building per-mit feet also had to be increased by that amount.
*Paul Donna, the city's financial con-sultant with Northland Securities, reported that the city sold $3,010,000 in General Obligation Improvement Bonds on Octo-ber 26th.  "Three bids were received from eight firms," said Paul.  "The best bid was 4.07%.  It was tight bidding, and well below the budgeted amount."
*Jylan reported that Moody's has up-graded the City of Victoria's bond rating from A3 to A2.  "Congratulations," she said.  Replied Mayor Bohn, "That's very good news.  It indicates we're doing a good job of managing the city."
*Council adopted a change to city ordinance stipulating, among other things, that snowmobiles have been banned on the LRT trail through Victoria.

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