Bloomington, Minnesota
The Goal
The Mall of America (MOA) and the City of Bloomington have long envisioned building and financing a waterpark as part of the mixed-use MOA project—a concept dating back to the mall’s original plans in the late 1980s. This waterpark would enhance the largest mall in the U.S. and attract over 600,000 visitors annually, many traveling from outside the metro area to experience this unique destination. However, financing such a large and distinctive project has proven challenging. The effort nearly succeeded before the pandemic disrupted progress. Since then, rising construction costs and higher interest rates have widened the project’s financial gap, making the challenge even greater.
The Solution
Ehlers leveraged its extensive experience in solving complex development challenges by partnering with Bloomington to supplement their staff. Together, they crafted a creative financing strategy utilizing tax increment financing via special legislation passed during the 2023 Legislative Session. This innovative approach is designed to bridge the funding gap and move the project closer to reality.
The Outcome
Bloomington and the Mall of America are now developing agreements that will provide key public financing to close the significant funding gap. This process respects the vision behind the original concept and the innovative financing strategy developed by Ehlers, Bloomington, and the MOA. By combining legislative solutions with strong safeguards to protect public funds, the project is positioned to advance and deliver a unique destination that will attract hundreds of thousands of visitors annually and strengthen the region’s economic vitality.