The Bloomington Port Authority voted Tuesday to terminate a purchase agreement that would have transferred the former Ramada Thunderbird Hotel site to the city, opting instead to retain the property for economic development after securing a six-year tax exemption extension from the state legislature.

The decision reverses a May agreement to sell the property to the city for a proposed bike skills course. Assistant Port Authority Administrator Kevin Kenny said the termination allows the authority to market the property for more intensive development that would increase the tax base, given its prominent location as an entry point to the city.

The authority also approved two resolutions accepting recently passed state legislation that extends the tax exemption for three Ramada properties north of Mall of America by six years and extends tax increment financing deadlines to December 31, 2027. The legislation was approved during the state's special session and requires local certification with the Secretary of State by July 1.

In other business, the authority received its 2024 financial audit results from Redpath and Company, earning an unmodified "clean" opinion with no internal control or compliance findings. Auditor Andy Hearing reported the authority's fund balance increased by $9.3 million, with strong tax increment revenue of $13.1 million and investment income of $6.5 million. The city, port authority and housing authority received their 53rd consecutive Certificate of Achievement for Excellence in Financial Reporting.

The authority also heard updates on the Elevate Hennepin small business support program, which provided 1,220 hours of consulting assistance to 92 Bloomington businesses in 2024. Assistant Port Authority Administrator Barb Wolfe reported the county-wide program has helped launch over 200 businesses and assisted with obtaining nearly $36 million in financing since 2020.