April 22, 2024 Concurrent Bloomington City Council/Port Authority Meeting
Monday, April 22, 2024
Approval of March 28th Concurrent Meeting Minutes
Consideration of the Mall of America Water Park Term Sheet
Review of Project Financial Assistance and Sustainability Concerns
Mall of America Project Repositioning and Future Development
Areas of Interest (4)
- Mall of America seeks $85 million in state-authorized TIF funding for a new water park project.
- Project developers claim no taxpayer risk, relying on revenue bonds and cash-in-hand TIF funds.
- Sustainability Commission challenges the water park's alignment with Bloomington's 75% emission reduction goals.
- Mall of America shifts strategy from 80/20 retail-entertainment mix to 50/50 to boost regional tourism.
Votes (2)
Approval of Minutes from March 28th Concurrent Meeting (City Council)
Moved by Councilmember Dallessandro · Seconded by Councilmember Carter
Approval of Minutes from March 28th Concurrent Meeting (Port Authority)
Moved by Commissioner Bussey · Seconded by Calderon
Notable Quotes (2)
There is no financial risk to the City of Bloomington... It's still a better investment than a youth sports complex.
Typical Tif Is Used For Public Improvements This Tif Could Be Invested Directly A Project To Create Ongoing And Construction Jobs.
People (5)
EricksonPresidentCity Council/Port Authority meeting president
City Council/Port Authority meeting president
Holly MesaStaffPresented the project overview and funding structure
1 quote
Presented the project overview and funding structure
“This Tif Could Be Invested Directly A Project To Create Ongoing And Construction Jobs”
Explaining the special legislative funding for the Mall of America
Kurt HaganRepresentativeProject developer presenting the water park business case
1 quote
Project developer presenting the water park business case
“In this case there is no financial risk to the City of Bloomington.”
Assuring the council regarding taxpayer exposure
Dwayne LowmanCouncilmemberPresenting the commission's feedback on project sustainability
Presenting the commission's feedback on project sustainability
Commissioner LyonsCommissionerRaised questions regarding taxpayer risk vs project funding
Raised questions regarding taxpayer risk vs project funding
Places Mentioned
Events & Meetings (3)
- March 28th Concurrent Meeting
- April 9th Sustainability Commission Meeting
- April 16th Sustainability Commission Memo Drafting