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From YouTube: May 3, 2022 Bloomington Port Authority Meeting
Description
Bloomington Minnesota Port Authority Meeting
1. APPROVAL OF MINUTES
02:45 1.1 Approval of Minutes for January 11, February 1 and April 13, 2022
2. NEW BUSINESS
05:12 2.1 Waterpark Public Improvements Borrowing - TIF Revenue Note
A
And
so
I
will
call
the
meeting
to
order
the
first
time
on
the
agenda,
and
I
guess
I'll
just
note
that
we
have
a
quorum,
we're
missing.
We
have
five
commissioners
here
and
I
guess
carolyn
has
already
noted
for
the
record
who's
here.
So
we
don't
need
to
go
beyond
that.
A
So
we
have
three
sets
of
minutes
that
we
need
to
approve,
and
I
don't
know
if
we
need
to
take
these
seriously
julie.
Do
we
need
to
approve
each
one,
or
can
we
do
all
three
together
or
what
you
can
do
all
together?
If
you
wish,
so
I
would
defer
to
the
wishes
of
the
authority
if
anybody
has
any
one
of
the
minutes
that
they'd
like
to
approve
separately.
Otherwise,
I
would
entertain
a
motion
that
we
approve
the
three
sets
of
minutes
that
we
have.
A
A
B
I
have
a
correction
for
the
one
on
april
13th
right
and
I
believe
it
referenced
mia
saying:
okay
now
I
lost
my
connection
here
on
my
ipad,
but
referring
that
the
conversions
that
I
was
talking
about
from
hotel
to
multi-family
were
cheap
units.
B
A
So
with
that
change
that
then
I
would
entertain
a
motion
for
the
approval
of
those
three
sets
of
minutes,
so
moved
a
motion
made
by
mr
bussy.
Do
we
have
a
second
second
second
by
commissioner
carter,
any
further
additions
or
corrections?
B
A
D
Thank
you,
mr
president,
and
commissioners.
I'm
going
to
move
up
to
the
podium
and
terry
and
I
will
present
a
few
slide
decks
related
to
that
item.
A
A
D
Thank
you,
mr
president,
and
commissioners
tonight
we're
here
to
talk
about
the
water
park
again
in
particular,
as
it
relates
to
the
borrowing
I'm
talking
to
mike.
D
I'll
talk
right
into
it,
that's
loud
all
right
tonight,
we're
here
to
talk
about
bonding
and
borrowing
for
the
water
park.
When
the
council
and
port
authority
approved
a
set
of
documents
on
march
9
of
2022,
there
was
an
open
question,
as
it
relates
to
borrowing
for
the
public
improvement
component
of
the
water
park,
and
we
have
some
analysis
that
we'll
present
tonight
and
a
recommendation
that
starts
the
process
for
the
borrowing
for
65
million
dollars
of
the
public
investment
for
the
water
park.
D
So
we'll
go
through
that
as
an
overview
for
the
waterpark
for
financing
laying
out
the
project
cost
categories
in
green.
Here
the
project
is
a
422
million
dollar
project,
comprised
of
317
million
dollars
of
private
cost,
and
the
borrowing
related
to
that
that
the
port
authority
and
the
city
are
are
not
involved
in
the
water
park,
sits
on
its
own.
D
The
committed
public
improvements
of
75
million
dollars,
which
I'll
talk
about
here
in
a
second
and
then
the
equity
contribution
of
tiff
in
30
million
dollars,
totaling
422
million
dollars-
I'm
an
asterix
here,
because
this
these
numbers
could
all
go
up
by
about
five
million
dollars.
If
the
council
and
port
authority
and
sustainability
commission
recommend
that
up
to
five
million
dollars
of
sustainability,
improvements
are
added
to
the
project,
so
that's
dealt
with
here
in
different
forms,
but
it
could
be
a
427
million
project.
D
It
could
be
more
than
that
if
the
private
side
of
the
project
can't
get
the
budget
down
to
this
317
number,
which
they're
currently
working
on
feverishly.
As
we
sit
here
right
now,
the
port
authority
and
council
approved
the
spending
plan.
So
this
is
the
tiff
flexibility
that
was
granted
to
cities
and
port
authorities
and
other
entities
like
that
in
the
2021
tax
bill.
So
this
allows
tiff
to
be
spent
on
things
that
aren't
traditionally
allowed
for
tiff
to
be
spent
on.
D
This
is
the
30
million
dollar
tif
contribution
the
10
million
dollar
tif
loan
that
secures
the
adjoining
lands
for
the
expo
and
then
the
committed
public
improvements.
That's
the
cpis,
I'm
not
typically
eligible
for
tif.
So
these
are
the
things
that
we
used
to
have
in
the
south
loop
development
fund
budget
that
would
have
gone
into
and
below
the
water
park,
site,
preparation
and
things
like
that
again,
not
typically
a
tif
eligible
expense
and
then
again
the
sustainability
features.
D
But
we're
really
here
to
talk
about
is
this
other
component,
the
committed
public
improvements
that
don't
that
aren't
you
know
related
to
the
water
park.
Specifically,
these
are
the
shared
parking
ramp
and
the
skyway
that
connects
the
parking
ramp
to
the
water
park
in
large
part.
That's
that's
really
what
the
75
million
dollars
is
minus
the
10
million
for
that
south
loop
development.
The
old
south
of
development
fund
stuff
leads
to
a
65
million
number
that
we
could.
D
So
this
is
the
projected
tiff
balance
and
revenue
through
the
life
of
the
mall
of
america,
tiff
district
or
tis
districts
in
purple.
We
have
the
projections-
and
these
are
just
projections
at
this
point,
because
tax
rates
in
minnesota
fluctuate
tax
values
and
capacity
and
lots
of
other
things
are
hydraulic
in
minnesota
as
it
relates
to
taxes.
But
these
are
our
best
guesses
for
tiff,
with
the
water
park
and
water
park
hotel
on
an
annual
basis
and
then
the
balance
moving
forward.
D
D
These
are
the
annual
projections
and
then
again
the
ensuing
cumulative
balance
at
the
bottom
and
then,
when
we
layer
in
the
water
park
without
borrowing.
So
this
is
the
120
million
dollars
again.
This
is
the
55
million,
plus
the
65
million
that
we
talked
about
on
the
slide
two
slides
ago.
If
you
layer
that,
in
over
the
next
three
year
period
this
year
through
construction
and
through
the
end
of
2024,
you
get
down
to
a
tiff
balance.
D
In
this
column,
that's
still
positive,
but
barely
scraping
by
it
gets
gets
you
into
a
situation
where
we
would
have
to
do
an
interfund
loan
from
another
fund
to
make
sure
that
we
had
enough
cash
on
a
monthly
basis
to
float
that
number
again.
You
hit
2025
and
you
ratchet
back
up
because
you're
gaining
about
10
million
dollars
a
year
in
tiff.
So
it
is
a
short-term
issue.
D
But
there
are
some
other
reasons
which
we'll
talk
about
here
in
a
second
that
we
want
the
boards
to
consider
when
making
this
decision
and
then
with
borrowing
you
layer
in
55
million
dollars
in
expenses,
and
then
the
borrowing
is
outside
of
this
cash
balance
situation.
But
again
you
have
10
million
dollars
a
year
to
pay
off
that
65
million
dollars
in
borrowing
and
we
would
work
with
baker
tilly.
D
Yes,
you
have
coverage
and
interest
and
things
like
that,
but
you're,
probably
paying
it
off
in
seven
or
eight
years,
and
not
the
full
12,
and
it's
going
to
leave
you
three
three
or
four
years
on
the
end
of
money
to
do
another
project
in
addition
to
the
money
that
you've
got
sitting
here
and
so
in
summary
and
terry's
going
to
go
into
more
detail
on
this
in
a
second.
But
borrowing
through
the
tif
revenue.
Note
solves
this
cash
flow
issue.
It
would
lock
in
still
interest
rates
that
are
relatively
low.
D
Historically,
yes,
they've
gone
up
in
the
past
6
to
12
months.
It
would
allow
the
flexibility
flexibility
through
the
type
of
borrowing
that
we're
recommending,
because
the
water
park
closing
date
is
not
certain.
We
think
the
water
park
is
going
to
close
in
june
or
july
here
in
order
to
make
winter
conditions
less
costly.
D
But
sitting
here
today
we
don't
have
that
certainty,
we're
working
hard
on
that,
but
it's
still
still
an
unknown
and
then
the
fourth
bullet
there.
It
still
allows
the
remaining
cash
balances
to
be
used
for
another
project,
as
we
all
land
on
march
9.
If
we
decide
to
move
forward
with
a
multi-use
space
project
multi-use
center.
Something
like
that.
You
can
use
this
the
spending
plan
tool
for
that
purpose.
So
those
are
the
reasons
that
we're
recommending
that
the
port
authority
consider
the
recommendation.
D
A
F
Well,
thank
you,
mr
president,
mr
mayor
and
members
of
the
commission.
It
is
a
thrill
to
be
out
and
about
good
to
see.
All
of
you
feels
like
I
come
back
to
see
my
family.
Sometimes
you
know
so
it's
it's
always
fun
to
come
to
bloomington
and
especially
to
talk
about
the
the
mall
of
america
and
the
water
park,
things
that
we've
been
talking
about
for
a
lot
for
a
long
together
for
a
long
time.
F
So
this
evening,
our
our
part
of
the
presentation
is
to
talk
about
what
would
the
borrowing
look
like,
and
so
the
first
part
of
it
is
to
how
do
I
just
do
this
page
down
there?
We
go
so
part
of
the
part
of
the
challenge
that
you
have
is
you
know
the
market,
the
interest
rate
market
is
changing
a
bit
and
you
got
inflation
and
a
lot
of
things
that
we
know
about,
but
I'll
start
with
just
what's
going
on
with
the
bonds.
This
graphic
is
an
illustration
of
an
index
of
bonds.
F
Bonds
are
the
green
line
and
the
or
the
sorry
are
the
black
line
and
revenue
bonds
are
the
green
line
above
a
little
bit
more
expensive,
but
you
can
see
they're
moving
around
in
tandem
for
the
most
part
and
in
the
last
few
months,
they've
increased
and
the
federal
reserve
is
talking
about
meeting
several
times
this
year
next
and
with
each
meeting
they're
talking
about
using
the
federal
borrowing
rate
as
a
way
as
their
tool
to
offset
some
of
the
inflation
and
so
we're
looking
at
over
the
next
year
or
two
hearing
about
rates
continuing
to
move
up.
F
But
historically,
if
you
look
at
the
last
five
years
here,
we're
still
in
a
relatively
low
time,
it
might
might
settle
down
a
little
bit
and
if
you
go
back
over
20
years
and
you'll
see
that
even
these,
these
five
years
are
historic
lows.
So
it's
all
relative
and
we're
still
talking
about
three
four
percent-
we're
not
talking
like
eight
nine
percent
or
anything
really
crazy,
so
yeah
we'll
get
into
that
detail
a
little
bit,
but
that's
just
a
little
background
on
what's
happening
in
the
market.
F
We
talked
about
the
other
consideration
is
how
what
kind
of
bond
would
you
issue
a
general
obligation
or
a
revenue
bond,
and
so
at
the
top
we
describe
what
a
general
obligation
bond
is,
and
so
we,
this
is
what
we
use.
When
you
sell
your
public
improvement
bonds,
it's
generally
used
for
infrastructure
things
that
benefit
the
entire
community,
because
what
it
does
is
it
pledges
the
tax
base
of
your
community.
F
So
it's
for
public
improvements
that
benefit
everybody
and
the
ultimately,
what
assessments
do
not
cover
or
like
in
the
case
of
water
utility
funds,
what
the
fees
for
those
don't
cover
is
covered
by
a
levy
supported
by
the
whole
community,
and
so
that
is
a
tool
that,
if
you
use,
would
put
the
taxpayer
at
risk.
If
there
there
weren't
enough
revenues,
you've
got
a
stable
revenue
stream.
That's
been
coming
in
for
a
while.
So
that's
not
a
big
risk
here,
but
the
ultimate
pledge
on
this
would
be
the
tax
base.
A
Jerry,
if
my
memory
is
correct,
we
have
not
used
general
obligation
bonds
for
what
30
years.
I
think
we
put
some
out
initially
when
we
were
initially
looking
at
the
project.
Actually,
when
we
bought
the
property,
but
to
my
knowledge,
those
were
paid
off
and
I
know
we're
all
very
happy
when
they
were
paid
off.
F
Right
there
were
general
obligations
bob
and
I
go
way
back
so
I
was
here
when
they
did
the
original
financing,
but
yeah.
They
were
general
obligation,
bonds
for
the
land
and
then
for
the
other
public
improvements
and
for
some
of
the
infrastructure
for
the
highway
bonds.
And
then
there
was
a
moral
obligation
which
was
a
little
stronger
and
when
we
refinanced
early
on,
we
got
rid
of
the
moral
ob
and
paid
off
all
the
general
obligations.
F
So
for
decades
you
can
confidently
tell
the
taxpayers
of
bloomington
that
their
own
property
taxes
are
not
paying
for
the
improvements
at
the
mall.
If
you
issued
a
general
obligation
bond,
that
would
be
new,
and
in
that
case
it
would
change,
and
it
would,
if
you
issued
bonds,
would
have
the
full
issue
or
credit
rating
impact.
What
that
means
is
that
it's
included
as
an
obligation
of
the
city
when
you
are
set.
F
Oh
elizabeth
bergman
from
my
office
just
walked
in.
She
was
going
to
share
the
presentation.
Let
her
get
settled
here.
She
we
were
I'll
just
finish
on
with
the
slide.
F
Typically,
there's
a
coverage,
meaning
how
many
times
revenues
will
cover
debt.
The
other
requirement
is,
it
would
be
101.05
times
so
just
a
little
bit
more.
An
extra
five
percent
revenues
over
the
death
service
coverage,
the
revenue
bonds
and
that's
really
what
we
are
talking
about
more
in
this
case.
F
This
is
a
non-geo
bond
and
it's
only
the
revenue
specified
in
the
bond
contract
that
is
required
to
be
used
for
the
repayment
of
interest
and
principal,
no
general
obligation
plans,
plan
or
any
kind
of
a
pledge.
So
if
there
are
enough
revenues
and
you
default,
it
doesn't
affect
the
city's
general
obligation,
credit
rating
typically,
and
it's
and
it's
something
you
can
actually
walk
away
from.
F
You
know
you,
you
can
default
on
it
and
you
would
default
in
that
case
so
because
of
that,
the
investors
do
not
have
the
strength
of
your
tax
base
behind
them.
So
it
has
a
slightly
higher
interest
rate
and
to
protect
them.
They
want
a
higher
coverage
level
1.25
times
and
there
is
plenty
of
coverage
in
the
way.
It's
structured,
a
debt
service
reserve
that
is
equal
to
one
year
of
debt
service.
G
I
was
going
to
say
thank
you:
apologies.
There
was
a
vehicle
fire
on
35
so
that
took
a
little
longer
than
what
I
anticipated.
So
I
apologize
for
that.
I
decided
not
to
do
anything
crazy
to
get
here.
So
thank
you.
So
obviously
my
colleague
terry
heaton
has
covered
this
slide
beautifully.
So
let's
move
on
to
the
next
one.
G
So
within
that
conversation
about
the
revenue
bonds,
where
the
revenues
associated
with
the
project
repay
the
bonds,
we
looked
at
two
different
ways
to
do
that,
and
one
would
be
to
issue
tif
revenue
bonds
on
the
public
market,
similar
to
what
you
do.
G
You
know
annually
for
your
public
improvements
and
the
other
would
be
to
do
a
tif
revenue
note,
which
is
a
bank
loan,
where
you
would
do
a
process
of
a
request
for
proposal
for
banks,
and
they
would
come
to
you
and
tell
you
what
the
what
what
interest
rate
that
they
would
offer
you
for
your
loan
and
actually
alone.
In
that
context,
where
you
go
directly
to
a
bank,
you
have
some
opportunities
to
structure
it
in
a
little
bit
more
creative
ways
than
you
would
on
the
public
market.
G
When
you
go
to
the
public
markets,
that's
where
you
get
the
lowest
interest
rate
and
on
the
direct
placement,
the
loan,
the
the
note
place
with
a
bank,
the
interest
rate
would
be
slightly
higher,
but
we
need
to
look
at
that
in
the
context
of
what
terry
talked
about
before
I
came,
which
was
the
rising
interest
rate
environment
that
we've
seen,
you
know
every
day,
well,
not
every
day,
but
some
days
we're
seeing
interest
rates
tick
up
by
as
much
as
10
basis
points.
So
the
sooner
you
can
get
to
market
the
better.
G
You
are
in
terms
of
an
interest
rate
risk
and
doing
a
direct
placement
is
a
a
relatively
quicker
process.
You
don't
have
to
have
an
official
statement.
You
don't
need
to
do
a
rating
call.
There
are
certain
things
that
are
part
of
the
process
and
the
time
of
taking
a
bond
to
market
that
you
can
cut
out
here,
and
that
would
you
know
for
all
that
the
rate
on
a
you
know
compared
apples
to
apples
would
be
a
little
higher
if
you
can
get
into
the
market
earlier.
G
You
can
save
some
of
that
increase
in
interest
rate,
so
really
there's
a
little
bit
of
of
noise.
In
that
the
other
thing
is
with
a
loan
like,
I
said
you
have
an
opportunity
to
structure
it
according
to
your
needs.
So
what
we
envision
in
this
case
is
what's
called
a
draw
loan,
so
you
have
a
bank
that
gives
you
a
commitment
for
an
amount
of
money,
but
you
don't
have
to
take
that
full
amount
of
money
at
any.
Given
time
so
say
it's
65
million
dollars.
You
want
10
million
dollars
in
year.
Two.
G
G
So
for
that
reason
we
really
think
that
the
loan
note
is
the
slightly
preferable
option,
given
that
you
can
just
get
out
and
get
into
the
market
as
soon
as
possible,
eliminating
the
interest
risk
and,
of
course,
allowing
you
to
structure
it
for
for
the
needs
of
of
the
project,
I'm
going
to
turn
it
over
to
terry,
I
think
you're,
oh
you
want
me
to
keep
going
okay,
I
gotta
remember!
What's
next,
okay,
see
we
we're
seamless,
it's
a
seamless
team
here,
all
right,
so
then
I
gotta
turn
this
okay
great
all
right.
G
So
we
talked
about
some
parameters
for
proceeding
with
with
these
options,
the
first
being
that
and
that's
what
we're
asking
today
is
for
you
to
understand
and
approve.
Is
that
the
parameters
being
you
know?
What
you
give
authority
to
that
you'd
have
project
costs
of
60
up
to
65
million
understanding.
G
G
Sorry,
part
authority,
administrator
and
port
authority
cfo,
and
you
would
select
a
purchaser
through
that
request
for
proposal
process
that
I
referred
to
earlier.
Bakertilly
would
be
happy
to
and
would
expect
to
help
you
draft
that
request
for
proposal
and,
in
fact,
to
help
you
go
through
that
process.
G
Looking
at
the
different
offerings
and
trying
to
help
you
compare
the
difference,
but
in
the
end,
obviously
it's
your
decision
and
then
yeah
like
I
said
we
would
help
you
do
that
request
for
a
proposal
and
send
it
to
the
banks
that
you
are
interested
in
getting
proposals
from
and
then.
Finally,
this
is
a
slide
on
timing.
G
Like
I
said
in
this,
current
market
environment
timing
is
of
the
essence
and
we're
always
trying
to
get
things
done
as
quickly
as
possible,
while
at
the
same
time
taking
taking
the
time
to
make
sure
they're
done
right
and
done
well,
both
both
in
terms
of
from
our
point
of
view,
as
well
as
making
sure
that
the
projects
are
fully
baked
before
we
run
out
doing
things.
But
we'll
look
at
starting
next
or
this
week
actually
may
4th
believe
it
or
not.
G
Is
this
week
how
that
happened,
starting
to
do
an
rfp
and
get
that
out
to
proposals
over
this
month,
asking
them
for
information
to
evaluate
the
different
proposals
and
then
having
the
the
pricing
committee
select
the
bank
that
you'd
be
working
with
and
then
move
on
to
the
port
authority.
Considering
moving
forward
with
that
tiff
with
the
selected
financial
institution
and
then
june
28th,
the
port
would
consider
bank
agreements,
resolutions
final
notes,
so
you
know
putting
it
all
together
and
approving
the
financing.
F
While
elizabeth
was
running
here,
avoiding
a
car
fire,
I
didn't
get
a
chance
to
introduce
her,
and
so
I
think
a
lot
of
you
have
known
me
for
a
lot
of
years,
and
I
wanted
to
introduce
my
work
associate.
Elizabeth
is
someone
that
we
stole
from
one
of
the
three
rating
agencies
that
rates
the
city
that
we,
you
know,
moody's
s
p
and
vets.
F
She
used
to
be
a
senior
position
at
moody's,
so
especially
going
forward
with
a
revenue
bond
without
the
geo
backing
and
the
rising
interest
rate
market
certainly
happy
to
tap
her
on
the
team
and
the
other
person
you'll
probably
be
seeing
as
part
of
this
should
you
approve
it
would
be
steve
scharf,
who
does
all
the
numbers
behind
both
for
the
city
and
for
the
hra
and
the
port
authority.
So
thank
you
for
allowing
that
introduction.
A
A
Know
I
in
in
in
looking
at
it
this
kind
of
thing
I'll
go
back
to
my
old
treasures
at
a
super
value
and
we
always
liked
to
borrow
money
before
we
needed
it,
and
I
think
that's
you
get
into
the
situation,
but
I
think
commissioner
hunt
you
may
have
some
special
expertise
or
some
thoughts
I
mean
just
in
in
general
in
this
in
terms
of
the
market
and
timing
you're
dealing
with
this
all
the
time.
Obviously,.
B
You've
already
highlighted
it
very
well
we're
seeing
an
increasing
volatility,
increasing
upward
rate
rises
and
and
locking
in
which
is,
I'm
always
encouraging
clients
to
do
we're
now
lock
in
now,
but
so
nothing
to
disagree
with
anything
that
you've
said
so.
A
Well,
we're
in
kind
of
a
nice
position,
shane-
and
I
were
talking
about
it
before
and
they
you
know.
This
is
something
we
don't
have
to
do,
but
it
provides
a
lot
of
additional
flexibility,
because
one
of
my
concerns
is
has
always
been
the
opportunity
loss
that
we
have
if
something
comes
up
and
we'd
like
to
be
able
to
respond
to
something,
and
we
just
don't,
have
the
ability
to
do
it
because
we're
out
of
funds
you.
This
is
not
something
you
can
just
go
out
and
turn
around
and
do
in
15
minutes.
D
Thank
you,
mr
president
and
commissioners,
just
a
couple
of
things
to
highlight,
as
you
consider
this
moving
forward
too.
Just
again,
we
took
a
look
at
using
cash,
as
president
erickson
mentioned
you
don't
need
to,
but
you
can
and
it
provides
flexibility
and
just
to
say
it
loud
and
clear
that
what
we're
talking
about
here
is
a
tif
revenue
note
that
does
not
put
the
city
taxpayers
at
risk.
This
is
revenue
derived
from
the
mall
project.
D
C
Commissioner
peterson,
thank
you,
mr
president.
One
one
thing
I
just
want
to
kind
of
following
up
on
that,
a
little
bit
that
I
want
to
that
was
kind
of
subtly
alluded
to
in
the
presentation
that
I
want
to
kind
of
bring
out
a
little
bit
more.
Is
that
there's
there's
a
lot
of
value
in
being
able
to
kind
of
control
the
draw
on
the
note
and
the.
C
I
I
like
the
kind
of
structure
of
this,
because
I
think
it
gives
us
that
flexibility
we
can
be
watching
there
and,
depending
on
the
timing
of
the
project
and
the
timing
of
the
revenues,
we
can
decide
that
the
whole
amount
isn't
necessarily
what
we
need
to
have
and,
and
it
gives
us
that
lever
to
kind
of
control.
So
I
I
like
the
idea
of
the
note
for
that
reason.
In
addition
to
the
other
reasons
that
were
described.
E
Plessy,
thank
you,
mr
president,
so
from
a
a
practical
or
an
operational
or
visible
to
the
general
public
perspective,
nothing
changes
here
correct
I
mean
nobody
is
going
to
see
any
difference
in
this
project.
E
Beyond
the
fact
of
what
commissioner
peterson
said
that
it
gives
us
a
little
bit
more
control,
which
you
said
shane
that
it
it
firmly
takes
us
out
of
the
responsibility
of
bloomington
taxpayers.
It's
not
bloomington
taxpayer
dollars.
This
is
revenue
from
the
tif
generation.
E
D
Thank
you,
mr
president,
commissioners
and
commissioner
bussey.
No
fundamentally
I
mean
again
the
the
prospect
of
borrowing
was
presented
to
the
council
and
port
authority
through
the
december
and
in
particular
on
the
may.
Excuse
me,
the
march
9
2022
approvals
of
those
agreements,
and
so
a
this
is
not
a
new
concept.
We've
now
done
the
math
and
are
coming
to
you
with
you
know
a
recommendation
based
on
you
know
what
we
presented
tonight
to
the
bloomington
taxpayer.
D
It
fundamentally
changes
the
project
zero
again
to
president
erickson's
point
we
don't
have
to
borrow,
but
it
provides
these
other
benefits
which
are
a
benefit
to
the
port
authority,
to
the
city,
to
the
tax
base,
to
the
taxpayers
and
everyone.
We
of
course
do
things
for
the
benefit
of
the
city
and
for
no
other
reason
really.
E
D
Mr
president,
commissioners
and
commissioner
busey-
yes,
that's
correct
the
only
revenue
that
we
are
talking
about
the
port
authority.
Considering
tonight,
dedicating
getting
the
the
revenue
dedicated
to
the
project
would
be
the
tiff
from
the
mall
of
america.
That's
it
that
which
is
not
tied
to
the
bloomington
general
obligation
of
the
levy
yep.
Thank
you.
E
F
Mr
president,
that
that's
correct,
I
mean
they
have
access,
so
they
can
easily
make
the
125
and
in
fact
I
was
just
looking
up
on
the
the
information
that
we
had
to
see.
If
I
had
the
coverage
ratio
in
front
of
me,
but
yeah
they're,
bringing
in
about
nine
million
a
year
and
the
the
debt
service
is,
was
about
the
five
five
six
million
dollar
range.
So
there's
plenty
of
coverage.
A
E
A
A
If
not,
there's
a
motion
in
our
package,
then
shane
do
you
want
to
maybe
put
it
back
up
on
the
screen
that
I
would
entertain.
D
Mr
president,
commissioners,
this
is
the
motion
verbatim
from
the
packet
and
again
just
in
summary
this.
This
is
the
start
of
the
process.
We've
got
two
more
meetings
to
go
as
it
relates
to
this
we'd
have
a
meeting
on
june
7
to
talk
about
what
the
pricing
committee
is
recommending
to
the
port
authority
at
that
point,
and
then
there's
the
big
meeting
with
everything
is
approved
later
and
so
we're
projecting
that
to
be
at
the
end
of
june,
currently
june
28.
D
C
Thank
you,
mr
president.
I
move
that
we
direct
staff
and
its
municipal
advisor
to
pursue
a
tif
revenue
note
through
an
rfp
process
for
a
bank
loan
to
fund
65
million
dollars
in
public
improvements,
as
outlined
in
the
redevelopment
agreement
approved
on
march
9
2022
for
the
water
park
project
of
mall
of
america
and
authorized
a
pricing
committee
comprised
of
the
city
manager,
the
port
authority
administrator
and
the
port
authority
cfo
to
select
a
purchaser
of
the
visibility
notes
with
the
assistance
of
baker.
Tilley
municipal
advisor.
A
Do
we
have
a
second
second
second
by
commissioner
bussey,
any
further
discussion,
if
not
all
in
favor,
please
signal
is
saying:
aye
aye
opposed
no,
so
we
have
two
no's.
If
motion
carries
four
to
two
okay,
do
we
have
anything
else
that
you
want
to
put
on
the
agenda
shane
not
tonight.
Thank
you.
Well,
I
think
it's
a
beautiful
night
and
I
think
we
can
go
out
and
enjoy
it.
Thank
you.