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From YouTube: Council Minute December 15
Description
In this week’s Council Minute Mayor Tim Busse explains how the City is moving forward with two projects that could reshape Bloomington: the proposed waterpark at Mall of America and Expo 2027.
A
Hello
bloomington,
I'm
mayor
tim
bussey,
and
this
is
the
council
minute
for
the
week
of
december
13th.
In
a
joint
meeting
last
week,
the
bloomington
city
council
and
the
bloomington
port
authority
moved
forward
on
two
projects
that
could
literally
reshape
bloomington
the
proposed
water
park
and
mall
of
america
and
expo
2027.
A
An
indoor
water
park
has
been
in
the
plans
at
mall
of
america
since
the
mall
was
first
talked
about
in
the
1980s
in
2018,
the
city
council
and
the
port
authority
started
work
in
earnest
with
triple
five:
the
owners
of
mall
of
america
to
try
and
find
a
way
to
make
the
water
park
project
a
reality.
You
may
remember,
a
plan
was
developed
that
would
have
created
a
non-profit
entity
to
facilitate
the
project.
A
The
non-profit
would
have
served
as
owner
and
borrower
for
the
water
park,
and
it
was
an
interesting
model
that
would
have
moved
the
project
forward
while
protecting
the
city
and
the
port
from
financial
risks.
But
ultimately,
the
plan
was
put
on
hold
when
kovitz
shut
down
development
plans
so
fast
forward
to
this
year,
when
the
minnesota
legislature
passed
a
new
law
that
gives
cities
and
port
authorities
new
flexibility
for
using
tax
increment
financing
to
spur
economic
development.
A
These
tiff
funds
are
part
of
the
fenced
money
that
has
been
dedicated
to
self-loop
development
by
state
law.
I
want
to
say
it
again:
these
are
not
general
fund
property
tax
dollars
that
could
otherwise
be
spent
on
roads
or
parks
or
any
other
projects.
These
tiff
funds
are
specifically
earmarked
by
state
law
for
economic
development
in
the
south
loop
privately
financing
the
water
park
is
a
much
more
traditional
development
model,
and
I
really
like
two
things
about
this
agreement.
A
First,
is
that
much
of
the
investment
by
the
port
authority
could
ultimately
be
recaptured
if
the
water
park
performs
above
expectations
and
if
revenues
are
higher
than
expected.
The
second
part
goes
back
to
the
work
we
did
in
2018
on
the
water
park,
when
the
port
authority
spent
seven
and
a
half
million
dollars
on
planning
for
the
project.
A
Obviously,
a
viable
site
is
needed
in
order
for
minnesota
to
host
expo
2027..
The
empty
parcels
of
land
just
to
the
east
of
mall
of
america,
also
known
as
the
adjoining
lands
have
been
identified
as
the
core
of
that
site
for
expo
2027..
That
land
is
currently
owned
by
triple
five
and
under
this
agreement,
nine
million
dollars
of
available
value
on
that
land
will
be
freed
up
for
triple
five
to
use
on
the
water
park.
Basically,
it's
a
loan
from
the
port
authority.
A
If
expo
doesn't
happen,
triple
five
will
pay
back
the
nine
million
dollars
and
regain
control
of
the
site.
We
again
use
the
fence
money
to
pay
for
this
loan.
This
money
cannot
be
used
for
any
general
purpose.
Just
like
the
water
park
tiff,
I
talked
about
previously
now.
I
know
a
lot
of
people
will
watch
this
and
ask.
Why
is
the
city
doing
this?
A
Well?
Driving
economic
development
is
a
core
function
of
local
government.
It
always
has
been,
and
it's
right,
alongside
public
safety
parks
and
keeping
the
roads
plowed
as
things
a
city
government
does
to
make
the
city
better
a
water
park
at
moa
would
add
economic
resiliency
to
the
south
loop
and
moa
by
bringing
in
new
visitors
always
remember
that
mall
of
america
is
ten
percent
of
bloomington's
tax
base
and
the
hotels
in
the
city
add
another
six
and
a
half
percent
working
together
with
those
industries
is
in
the
best
interest
of
all
of
us.
A
These
lodging
taxes
are
a
boon
to
bloomington
and
help
keep
our
property
taxes
low.
Simply
put.
Without
these
lodging
taxes,
all
bloomington
taxpayers
would
pay
more.
As
for
the
benefits
of
expo
2027,
I've
said
before
that.
A
three-month
event
that
draws
visitors
from
all
over
the
country
and
all
over
the
world
would
be
a
great
thing
for
our
local
economy,
but
the
biggest
benefit
will
be
the
long-term
economic
development
opportunities
that
would
come
as
a
result
of
the
expo.
Like
anything,
potential
benefits
should
be
balanced
against
potential
risks.
A
If
the
worst
case
scenario
were
to
occur
and
the
water
park
would
go
into
bankruptcy,
it
would
be
resolved
in
the
same
way
that
other
private
businesses
handle
bankruptcies
and
resolve
those
issues.
It
would
be
resolved
through
the
workout
of
terms
with
lenders
or
possibly
even
the
sale
of
the
business
to
another
investor.
A
That
type
of
scenario
would
likely
affect
bloomington's
reputation
and
it's
likely
that
the
tif
investment
by
the
port
would
not
be
recaptured.
However,
there
is
nothing
in
this
agreement
that
requires
additional
investment
by
the
city
of
bloomington.
I'll
put
it
another
way,
bloomington
taxpayers
are
not
on
the
hook.
If
the
water
park
fails.
If
somebody
says
differently
on
social
media,
they
are
wrong.
A
A
Twenty
seven
presenters
on
behalf
of
minnesota
usa
expo
included
the
united
states
secretary
of
state,
anthony
blinken,
governor
tim
walls,
lieutenant
governor
peggy,
flanagan,
john
stanek,
who
is
the
president
and
the
ceo
of
minnesota
usa
expo
and
yours
truly
speaking
for
bloomington,
my
presentation
talked
about
how
bloomington
has
the
experience
and
the
infrastructure
to
host
an
event
such
as
an
expo
and
how
our
location
and
our
transportation
systems
make
bloomington
the
best
choice
to
bring
an
expo
to
the
united
states.
Just
so
you
have
all
the
players
straight
here.
A
Minnesota,
usa
expo
is
the
official
organization
behind
the
effort
to
bring
the
expo
to
minnesota
in
bloomington.
Minnesota.
Usa
expo
is
its
own
legal
entity.
It
has
its
own
board
of
directors
and
its
own
fundraising
arm.
They
will
prepare
the
formal
application
to
the
bureau
of
international
expositions.