QUICK SUMMARY
Bloomington seeks approval from the Minnesota Legislature for a $160 million subsidy to support the Mystery Cove water park at the Mall of America. The subsidy would utilize tax increment financing to fund the project through property taxes generated by the mall. The outcome of this proposal hinges on the ongoing tax bill negotiations.
Bloomington seeks a $160 million subsidy from the Minnesota Legislature to support the Mystery Cove water park at the Mall of America. This long-anticipated project features attractions such as twisting slides and lush palm trees. The subsidy would utilize tax increment financing, allowing the city to use property taxes generated by the mall to fund the water park. Currently, state politicians are negotiating a tax bill that could incorporate this critical provision. Approval would grant Bloomington more time to finance the project, directly impacting local economic growth and tourism. The Mall of America is the largest mall in the nation, making this water park a significant addition. The decision by legislators could influence future public-private partnerships in Minnesota. Local officials emphasize the importance of this project for attracting visitors and bolstering the economy.