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The Victoria GAZETTE |
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December 2010 |
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CREAMERY PROJECT NOT YET FEASIBLE TERMINATION AGREEMENT SIGNED The City of Victoria received a letter dated October 20th, 2010, from Mary Meuwissen and Barbara Zadeh, brokers for Counselor Realty in Victoria, which is the authorized agent for Victoria Creamery LLC, requesting that the TIF contract for a proposed downtown project be allowed to expire. Council has previously approved extensions to the contract. The letter stated, in part, “Due to current market conditions and the fact that Highway 5 will be closed for the 2012 construction season, it is still economically infeasible to begin construction of the approved project on the Creamery property at this time. We anticipate our project to start construction after the Highway 5 project is completed.” City staff reported that it was in October of 2008 that the City of Victoria first entered into a contract for private development with Victoria Creamery LLC. In that contract, the city was requested to provide Tax Increment Financing in exchange for underground public parking in the Creamery project. The developers’ letter also stated, “It is our intention to come back to the city sometime prior to the spring of 2013 to request that a new TIF agreement be signed.” On November 8th, 2010, councilmembers approved the termination agreement.
VICTORIA’S GOOD RATING REAFFIRMED IT COINCIDES WITH 86% OF ALL USA CITIES On November 22nd, Council awarded the sale of $1,415,000 in General Obligation Improvement Revolving Fund Bonds to pay for the 2010 Street, Drainage, and Utility improvements in the Auburn Drive neighborhood. Stated Paul Donna, the city’s financial consultant with Northland Securities, “Your AA+ credit rating was reaffirmed. They noted the solid financial management you have in place. Everything leads to a very good credit rating.” Mr. Donna reported five bids came in, with 3.5% the lowest by Robert & Baird. He commented that since the utility project started back in October, rates went up by 1%. “It’s been a roller coaster ride, but overall interest rates are attractive,” he said. Councilmember Jim Paulsen pointed out that 86% of municipalities in the USA have AA rating. He also asked, “How do we know we’re AA?” Stated Councilmember Kim Roden, “You start to wonder if it’s as meritorious as we’ve led to believe.”
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City Scoop Continued |
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Current Victoria City Council (l-r): Tim Amundsen, Tom O’Connor, Mayor Mary Thun, Kim Roden, Jiim Paulsen. Merry Christmas to each of you. |