Adding residential units to Victory is a no brainer. They should have done that at the very beginning. The axiom is that retail follows rooftops, not rooftops follow retail. That is the primary reason the Victory development failed and was handed back to the lenders/partners.
The TIF reimburses the developer for infrastructure costs such as streets and utilities. When the developer's costs are paid back, the TIF stops paying any further monies. There is a good reason for TIFs to exist, and they can be very useful in redevelopments.
The original TIF was to terminate at the end of 2018, not this year.That $3M you mention should flow to the different taxing entities when the monies for the original costs of development are reimbursed. Apparently the costs have not been reimbursed yet, and with the halt in new development at Victory over the past decade that's not hard to understand. The proposed new development will help in retiring that amount owed.
If ArenaCo needs a parking structure, they should be the ones to build and pay for it. The only way a TIF should be used for the garage is if it will be a public parking garage, which is not going to happen. The revenue from the garage should be sufficient to pay for its construction.
Extending the geographical area of the existing TIF should not be allowed unless there is a clear and identified economic basis for its extension. with there not being any major infrastructure needs in the extended area, there doesn't seem to be a credible basis for it.