52
ANNOUNCEMENT This meeting will be held in the Council Chambers at Bloomington Civic Plaza and via WebEx. Some members of the City Council and Port Authority, testifiers, and presenters may participate electronically as permitted by law, Minnesota Statutes, Section 13D.021. Members of the public may participate in person or electronically. Directions are provided below. To listen to the meeting: By phone: 1-415-655-0001, access code 2451 453 7329 - A mobile phone is recommended to avoid a long-distance charge. To watch or listen to the meeting via WebEx: Event number (access code): 2451 453 7329 Password: CCPA1209 December 9 meeting link CALL TO ORDER 1. APPROVAL OF MINUTES 1.1 September 8, October 13 and November 10 Concurrent City Council Port Authority Meeting Minutes 2. NEW BUSINESS 2.1 South Loop Waterpark and EXPO Site on Adjoining Lands 2.2 Riverview Corridor Project - Design Concepts ADJOURNMENT City Council / Port Authority Concurrent Meeting AGENDA CITY COUNCIL / PORT AUTHORITY CONCURRENT MEETING THURSDAY, DECEMBER 9, 2021 SPECIAL MEETING COUNCIL CHAMBERS / WEBEX BLOOMINGTON CIVIC PLAZA 1800 W. OLD SHAKOPEE RD. BLOOMINGTON, MN 55431 6:00 PM BloomingtonMN.gov: A yearly meeting schedule, agendas, and the official minutes once approved are available. If you require a 1

City Council / Port Authority Concurrent Meeting AGENDA

  • Upload
    others

  • View
    1

  • Download
    0

Embed Size (px)

Citation preview

Page 1: City Council / Port Authority Concurrent Meeting AGENDA

ANNOUNCEMENT

This meeting will be held in the Council Chambers at Bloomington Civic Plaza and via WebEx. Some members ofthe City Council and Port Authority, testifiers, and presenters may participate electronically as permitted by law,Minnesota Statutes, Section 13D.021. Members of the public may participate in person or electronically. Directions are provided below.

To listen to the meeting:By phone: 1-415-655-0001, access code 2451 453 7329 - A mobile phone is recommended to avoid a long-distance charge.To watch or listen to the meeting via WebEx:Event number (access code): 2451 453 7329 Password: CCPA1209

December 9 meeting link

CALL TO ORDER 1. APPROVAL OF MINUTES 1.1 September 8, October 13 and November 10 Concurrent City Council Port Authority Meeting Minutes 2. NEW BUSINESS 2.1 South Loop Waterpark and EXPO Site on Adjoining Lands 2.2 Riverview Corridor Project - Design Concepts ADJOURNMENT

City Council / Port Authority Concurrent MeetingAGENDA

CITY COUNCIL / PORT AUTHORITY CONCURRENT MEETINGTHURSDAY, DECEMBER 9, 2021

SPECIAL MEETINGCOUNCIL CHAMBERS / WEBEXBLOOMINGTON CIVIC PLAZA1800 W. OLD SHAKOPEE RD.BLOOMINGTON, MN 55431

6:00 PM

BloomingtonMN.gov: A yearly meeting schedule, agendas, and the official minutes once approved are available. If you require a

1

Page 2: City Council / Port Authority Concurrent Meeting AGENDA

reasonable accommodation, please call 952-563-8733 (MN Relay 711) as soon as possible, but no later than 9:00 a.m. one business daybefore the meeting day.

2

Page 3: City Council / Port Authority Concurrent Meeting AGENDA

Request for Council Action

Originator Port Authority

Item September 8, October 13 and November 10 Concurrent City Council PortAuthority Meeting Minutes

Agenda Section APPROVAL OF MINUTES

Date December 9, 2021

Requested Action:

Motion made by ____________, seconded by ______________ to approve the Concurrent City Council PortAuthority meeting minutes of September 8, October 13 and November 10, 2021.

Item created by: Carolyn Lane, Port AuthorityDescription:

Enclosed are the September 8, October 13 and November 10, 2021 Concurrent City Council Port AuthorityMeeting Minutes for approval.

Attachments:

2021 sept 8 concurrent final.docx2021 October 13 concurrent final.docx2021 nov10 concurrent final.docx

3

Page 4: City Council / Port Authority Concurrent Meeting AGENDA

Concurrent City Council / Port Authority MeetingUNAPPROVED MINUTES

Concurrent City Council / Port Authority Special Meeting Wednesday, September 8, 2021, 6:00 p.m.

Council Chambers / WebexBloomington Civic Plaza

1800 West Old Shakopee RoadBloomington, MN 55431

Call to Order Official attendance and all votes were taken via roll call.

Mayor Tim Busse called the City Council meeting to order at 6:01 p.m.

City Council Present: Councilmembers S. Nelson and J. Baloga were present via Webex;Mayor T. Busse, Councilmembers J. Carter, N. Coulter, P. Martin, and D. Lowman (arrived at 6:03 p.m.) were present in Council Chambers

President Bob Erickson called the Port Authority meeting to order at 6:01 p.m.

Port Authority Present: President R. Erickson, Commissioners T. Busse, J. Carter, C. Hunt, and S. Peterson were present in Council Chambers

Port Authority Absent: Commissioners T. Keller and R. Lunz

Staff: Jamie Verbrugge, City ManagerSchane Rudlang, Port Authority AdministratorMelissa Manderschied, City AttorneyJulie Eddington, Port Authority CounselBarb Wolff, Special Projects and Initiatives ManagerBecky Schindler, Economic Development AnalystJason Schmidt, Economic Development AnalystCarolyn Lane, Community Development Project CoordinatorMatt Brillhart, City Council Secretary

Also Present: Peter Leatherman, Morris Leatherman Cos.Bonnie Carlson, BCVBDavid Loehr, Minnesota Expo bid committee

Item 1.1Approval of Minutes

M/Coulter, S/Baloga to approve the meeting minutes of May 4, 2021 as presented. Motion carried 6-0-1 (Lowman abstained).M/Peterson, S/Carter to approve the meeting minutes of May 4, 2021 as presented. Motion carried, 5-0.

NEW BUSINESSItem 2.1

Business Survey of Bloomington Businesses

Special Projects Manager Barb Wolff presented an overview of business support programs and actions taken throughout the pandemic. Peter Leatherman of Morris Leatherman Cos. shared a PowerPoint presentation detailing the business survey results.

On the question rating business climate, Erickson inquired if the results were in line with other communities. Mr. Leatherman noted the high percentage of responses rating it as “excellent”.

On the question asking businesses their most serious concern, Busse inquired if the data could be broken down to see how certain types of businesses responded, to reveal any difference in responses from hospitality vs. high tech sectors. Mr. Leatherman responded affirmatively.

On the question regarding housing availability for employees, Lowman wondered if the response from employees would be different than that of managers/owners.

Hunt inquired about the number of businesses surveyed by zip code.

4

Page 5: City Council / Port Authority Concurrent Meeting AGENDA

UNAPPROVED MINUTES

Concurrent City Council / Port Authority Meeting September 8, 2021

Nelson inquired if other demographics such as business size or type of industry were a representative sample of businesses in Bloomington. Mr. Leatherman responded that every city is different; Bloomington has a lot of retail and restaurant businesses due to Mall of America.

Carter inquired if any questions dug deeper into things we’re doing well, and could help us improve responses from good to excellent. Mr. Leatherman responded that follow-up questions tended to focus on responses indicating fair or poor.

Nelson inquired how Mr. Leatherman believes that the pandemic has impacted the results, what we might have expected absent the pandemic. Mr. Leatherman responded that the number of responses stating their biggest area of concern being “general economic concerns” was much higher than is typical.

M/Martin, S/Carter to accept the business survey and request a final report. Motion carried 7-0.

M/Hunt, S/Carter to accept the business survey and request a final report. Motion carried 5-0.

Item 2.2

Riverview Corridor Project Update

Julie Long introduced Ramsey County staff Jennifer Jordan and Kevin Roggenbuck, who presented.

Ms. Jordan recapped the project history and current status, noting ongoing refinement of the locally preferred alternative. She reviewed various issues and options in Bloomington’s South Loop area. Mr. Roggenbuck reviewed recent and public engagement activities.

In response to a question from Busse regarding scenic river area concerns, Mr. Roggenbuck noted that it is included in the issue resolution team for the Bdote / Fort Snelling area.

Item 2.3

EXPO (World’s Fair) Update

Rudlang introduced the topic and invited David Loehr with the Minnesota Bid Committee to provide an update. Mr. Loehr stated he will return in the future to ask for approval to proceed. The focus right now is on Bloomington. It’s a Minnesota bid, but they have not engaged with any other communities.

Erickson noted that this was an exciting possibility.

Peterson noted a need to develop a timeline and criteria to make a decision in a transparent way.

Item 2.4

South Loop Waterpark –Next Steps

Rudlang provided an update, accompanied by a PowerPoint presentation, detailing option 1, the non-profit model; option 2, the private financing model with additional TIF support; and option 3 keeping the project on hold.

Erickson clarified that any decision made tonight would be to pursue options, not to take a specific course of action.

Coulter inquired if action was taken to direct staff to pursue one option or the other, does that preclude changing our minds down the road. Rudlang stated that it doesn’t preclude changing your minds. Rudlang further stated if we go forward with Option 2, maybe private markets aren’t interested [in financing], or there could be other issues we can’t solve. At this time, it is more of a calculation on spending the right amount of time on each option.

Nelson inquired if Triple Five had asked the legislature to attempt to force city to pay their mortgage with TIF funds. Rudlang responded affirmatively. Regarding Option 3 to keep the project on hold, Nelson inquired why isn’t that Triple Five’s decision to not proceed.

Kurt Hagen with Triple Five stated it has been a difficult year for 555 and MOA. They do not have the ability to go forward to privately finance alone. In order to get to that level, they would need the additional $30M in equity.

Martin inquired to put forward such a large amount of TIF, is that going to restrain our abilities to do other things? How long will it take to fill that bucket back up to generate other economic

5

Page 6: City Council / Port Authority Concurrent Meeting AGENDA

UNAPPROVED MINUTES

Concurrent City Council / Port Authority Meeting September 8, 2021

activity? Rudlang responded that this TIF is generated by MOA property taxes and governed by state statute. A majority of this TIF that can be used outside of the mall project is spoken for, with the remainder “fenced” to the mall project. Spending this $100M would empty our “cash”. Rudlang further stated that there is an argument to be made we should borrow rather than spend this cash for greater flexibility, considering low interest rates.

Bonnie Carlson from BCVB spoke in favor of the project, stating it will bring new business and tax revenue to the City. She gave a presentation on brand sentiment of the city.

Rudlang stated that staff are looking for the Council and Port Authority to point staff in a direction tonight.

Lowman asked what the benefits and risks are associated with the various options. Rudlang stated that with option 1, property taxes are not at risk. Had the project opened during the pandemic, bondholders would have seen a loss until the project got back on track. In option 2, the funds are derived from taxes paid at the mall. There’s never zero risk, but we’ve worked to structure these models so that risks to City and Port Authority are very small.

Peterson stated support for updating the feasibility study for option 1 for $100,000.

Erickson noted that residential property taxes have remained relatively flat because of these other revenue sources. It is nice to have as many options on the table as we can.

Busse stated it was worth keeping the staff work moving forward and continuing this discussion and having both options on the table. He noted the project is important for the resiliency of Bloomington and MOA. Coulter agreed they want to see if both options are viable.

Rudlang stated the negative is that you send staff in two different directions, that it will take a bit longer for us to do that, but is a viable sub-option. Coulter stated that given the magnitude of what we’re talking about, it’s well worth it to see both options.

City Manager Verbrugge noted that pursuing both options doubles the amount of work for staff, but it makes sense to get the information necessary in case one option doesn’t pan out. He stated that there is merit in moving forward with the private financing model (option 2). The legislature has provided flexibility necessary to help that model move forward. This approach is also easier to explain to the community.

Carter stated support for the project. She was hard-pressed to think of other projects that fit within those funding constraints. Supportive of prioritizing the private model while spending $100,000 to update the nonprofit model.

Peterson clarified that his goal was to preserve the nonprofit model, while moving forward with the private model.

Rudlang summarized that the focus was on option 2, while updating option 1 in the event option 2 doesn’t pan out. He noted the possibility that the nonprofit feasibility study will take longer.

Hunt was supportive of the private scenario if it works, it is a more transparent option. While she is a huge supporter of the mall, not decisive yet on the waterpark itself.

Lowman noted he is more supportive of option 1 due to the long-term potential for more benefit for our residents, additional revenues to the City.

Baloga commented on the mutually beneficial partnership of the City and Triple Five. Lodging and admissions taxes allow us to provide services with some of the lowest property tax rates among peer cities. The City needs to do its part to maintain that partnership and those benefits. He stated a preference for the private model, because it is more transparent and faster. He also noted that in doing nothing, a future legislature could reverse the fiscal disparities TIF legislation.

Nelson inquired how much of that TIF is fiscal disparities pool vs. property taxes that MOA pays into the TIF fund. Rudlang responded that of the roughly $100 million, roughly 40% is traditional from property taxes that the mall paid. Since the 2013 legislation, we also collect the fiscal

6

Page 7: City Council / Port Authority Concurrent Meeting AGENDA

UNAPPROVED MINUTES

Concurrent City Council / Port Authority Meeting September 8, 2021

disparities portion of the property tax. The money is largely used for economic development and public infrastructure in South Loop. This money doesn’t come from Bloomington taxpayers, with the exception of the mall properties.

Nelson asked Rudlang to clarify fiscal disparities funding for the public. Rudlang summarized as follows: about a third of each property’s non-residential property taxes go into a pool, which is then spread across metro area communities that don’t have a strong commercial property tax base. Bloomington had been the biggest contributor for a long time, now 2nd largest. Minneapolis is now the biggest contributor due to recent development. Bloomington has finally gotten some benefit due to the 2013 legislation, but was still the largest net contributor until recently.

Nelson favors the private model and would like to reduce the City’s $30 million equity contribution, he would like to see it come from Triple Five. He wants to make sure that we are not putting tax money from Bloomington and other communities into the coffers of a private organization. Supports the project and funding infrastructure.

Rudlang and City Attorney Manderscheid presented a revised motion for consideration.

For the City Council:

Motion by Baloga, seconded by Lowman to authorize City staff to pursue additional research on option 2 (private financing model with added TIF), and to update the feasibility study for the nonprofit model (option 1), including authorizing the Mayor and City Manager to enter into contracts with consultants consistent with the intent of this motion.

Motion carried 7-0.

For the Port Authority Board:

Motion by Peterson, seconded by Carter to authorize City staff to pursue additional research on option 2 (private financing model with added TIF), and to update the feasibility study for the nonprofit model (option 1), including authorizing the Port Authority Board President and Port Authority Administrator to enter into contracts with consultants consistent with the intent of this motion.

Motion carried 5-0.

Adjournment M/Martin, S/Coulter, to adjourn the City Council meeting. Motion carried 7-0.

The Port Authority Board meeting was adjourned by President R. Erickson at 9:25 p.m.

Matt BrillhartMinutes Secretary

7

Page 8: City Council / Port Authority Concurrent Meeting AGENDA

City Council Port Authority Concurrent Meeting October 13, 2021

CONCURRENT City Council Port Authority MeetingUNAPPROVED MINUTES

Concurrent City Council Port Authority Meeting Tuesday, October 13, 2021, 6:00 p.m.

Virtual Meeting (online/phone)1800 West Old Shakopee Road

Bloomington, Minnesota 55431-3027

Call to Order Mayor Tim Busse called the City Council meeting to order at 6:00 p.m.

City Council Present: Roll was called verbally by the Minutes Secretary. Mayor T. Busse, Councilmembers D. Lowman, J. Carter, N. Coulter, P. Martin, S. Nelson, and J. Baloga

City Council Absent: None

President Bob Erickson called the Port Authority meeting to order at 6:00 p.m.

Port Authority Present: Roll was called verbally by Minutes Secretary. President R. Erickson, Commissioners T. Busse, C. Hunt, T. Keller, R. Lunz, J. Carter, and S. Peterson

Absent: None.

Staff: Jamie Verbrugge, City ManagerSchane Rudlang, Port Authority AdministratorMelissa Manderschied, City AttorneyJulie Eddington, Port Authority CounselBecky Schindler, Economic Development AnalystJason Schmidt, Economic Development Analyst

Also Present: Peter Leatherman, Consultant – The Morris Leatherman Company

Item #1Final Report of Business Survey of Bloomington Businesses

Peter Leatherman from The Morris Leatherman Company presented the Final Report for the 2021 City of Bloomington Business Study. 400 business owners and chief decision makers participated and provided positive results on the survey. Leatherman explained that there is no specific demographic that was more or less happy with the conditions of Bloomington for businesses, except there was an uptick in “less than enthusiastic” responses from those businesses along the I-494 strip with concerns related to traffic.

Commissioner Keller asked if the question on the survey regarding the “quantity of the labor pool” available to Bloomington businesses included workers that commute from the entire Metropolitan area. Leatherman confirmed that the scope of labor does include those workers who commute from the rest of the Twin Cities, not just Bloomington workers.

Port Authority President Erickson noted that these numbers are strong, and appreciates that the City goes straight to businesses to ask what matters to them.

Commissioner Peterson added that Bloomington is developing a lot of housing that should improve the quantity of labor available to businesses in the City. He also mentioned he would be curious to see post-pandemic survey responses since this one was conducted in June 2021 amidst workforce and labor concerns.

Commissioner Keller seconded Commissioner Peterson’s comments that the increase in affordable housing should bring a stronger workforce to the City, and hopes City leadership will keep that correlation in mind as they deal with housing decisions moving forward.

Mayor Busse acknowledged that it is important to keep the quantity of the workforce issue in mind when dealing with housing decisions. Leatherman added that he believes the data

8

Page 9: City Council / Port Authority Concurrent Meeting AGENDA

City Council Port Authority Concurrent Meeting October 13, 2021

surrounding the “quantity of labor” will naturally shift back to “excellent” when people begin to return to work once the pandemic ends.

Commissioner Keller continued that people want the convenience of living close to where they work as well as access to amenities in their communities.

Councilmember Lowman mentioned the Citizens’ Survey that was conducted this year, and he asked if there is a survey that would look at labor specifically. For example, he would like to know if employees are being asked how pleased they are with their benefits, pay, time off, etc. while working for Bloomington businesses. Leatherman responded that when they do residential surveys they will ask questions related to traffic and income, but not specifically regarding how they feel about their jobs. Councilmember Lowman added that he would be curious to see how the workforce specifically in the City’s hospitality industry is doing at this time.

Commissioner Hunt asked what zip code the businesses that identified themselves as being along the 494 strip are located. Leatherman said he does not have that data broken down by zip code, but he knows the businesses had identified themselves as being located along 494.

Commissioner Hunt said she did not make the leap to the need for affordable housing as it relates to this survey. She agrees that there is a need, but does not see how it correlates.

Commissioner Keller replied that he made that leap because many people want to live in Bloomington because of the nice amenities and job opportunities, but the supply is not necessarily meeting the demand. He added that he agrees with Councilmember Lowman that it would be interesting to see the results of a survey given to employees of Bloomington businesses so that leadership can gain a better understanding of what is important to the actual workforce, not just business owners.

M/Martin, S/Coulter to accept the 2021 Bloomington Business Survey Results as presented. Vote was called verbally by the Minutes Secretary, Motion carried, 7-0.

M/Peterson, S/Hunt to accept the 2021 Bloomington Business Survey Results as presented. Vote was called verbally by the Minutes Secretary, Motion carried, 7-0.

Item #2EXPO (World's Fair) Support

Rudlang provided an overview of staff efforts, benefits, risks, and a potential timeline for the 2027 World Expo bid. The theme for the Expo or “World’s Fair” in 2027 is “Healthy People, Healthy Planet: Wellness and Well-Being For All”. The Bureau of International Expositions (BIE) is the intergovernmental organization that oversees all international exhibitions that last more than three weeks (i.e. Specialized expos and Horticultural Expos), and they meet twice a year in Paris to plan the World Expo. Previous World Expo locations include Milan, Kazakhstan, and Dubai. Minnesota has bipartisan support, with approval from President Obama, President Trump, and President Biden, to pursue the World Expo. Efforts to win the BIE vote for the 2027 Expo began in late November 2017, and the vote will take place in November 2022. If Minnesota won the Expo, the planning efforts would take place between 2023 and 2027.

Rudlang listed potential benefits if the 2027 Expo were to happen in the United States, such as broader business connections, improvement to international commerce, and more development and placemaking in Bloomington. He added that World Expos bring countries and cultures together. Staff would ensure that projects added to the community for the Expo would be economically viable in the long-term. Rudlang explained that while no project is without risk, the most direct potential benefit to Bloomington would be the 3% admissions tax on Expo tickets, which could go towards the City’s general fund and the event site, development, and businesses in that development would be a long lasting legacy from the Expo. Bloomington would gain a lot of media focus, worldwide visibility, and connections with visiting dignitaries.

Staff recommends a measured approach to the project if Bloomington wins the BIE vote beginning with pursuing 62 acres of land and site planning. Verbrugge reiterated that the U.S. Government has declared Minnesota the official candidate for the bid back in July. January 28, 2022 will be the time for international candidates to express their interest in the bid, so there will be clarity on the competition for the BIE vote at that time.

9

Page 10: City Council / Port Authority Concurrent Meeting AGENDA

City Council Port Authority Concurrent Meeting October 13, 2021

Commissioner Peterson asked for clarification on site control plans. Rudlang stated that the next step in the planning stage is site control – staff has not made any offers or partnered with anyone for a site as of yet, but they are having discussions. If Bloomington does not win the Expo and the City has already acquired land, the land could be put to use for future development projects like SICK.

Commissioner Lunz inquired about the City’s history with the Kelly Farm purchase agreement. Rudlang said there was a purchase agreement for $32 million for farm land in 2017. There are 58 acres of developable farm land, but there was a contingency in the purchase agreement for potential Native American burial grounds that would not be usable on that site. The cost of the option was $75,000, and that was forfeited when the purchase agreement was cancelled. If the City was to acquire 30-35 acres of the Kelly Farm, then that could be combined with adjacent land for the Expo.

Commissioner Lunz asked about the status of the mock space shuttle that was to be added to the South Loop. Rudlang updated the Port Authority Board and City Council that the project was put on hold during the pandemic, but there is still potential for that to happen in the future. It could be part of the Expo.

Commissioner Lunz asked for clarity on the totality of land that the Port Authority or City controls that is developable. Rudlang responded that at this time the Port Authority owns the former Thunderbird site and the remaining parcels on the SICK development. Commissioner Lunz asked how much of the Triple 5 adjoining lands parcel is developable. Rudlang and Verbrugge clarified that Triple 5 owns the land in question and is about 32 acres with light rail right of way.

Mayor Busse asked what the level of involvement would be from the federal government. Rudlang said the closest type of event to compare the World Expo to would be the Olympics. Funding for security and operations of events would likely come from the state and federal government as it would during the Olympics. Rudlang believes a World Expo would be heavily backed by the federal government, the state government, as well as privately funded to help ensure the Expo is a success. Verbrugge added that the state department is involved in the coordination through the BIE, but the actual oversight of the event would fall under the Department of Commerce.

Councilmember Martin asked at what point would larger-scale corporate sponsors make firm commitments, and asked if the same corporate partners would potentially play a role in the development of the acres of land purchased for the Expo. Rudlang said that is yet to be determined, but U.S.A. Expo committee is currently in the process of asking Minnesota businesses to contribute to the effort, and will broaden their search should Minnesota win the BIE vote. In 2017 businesses contributed and were involved in other ways. The U.S.A. Expo Organizing Committee will raise money from the corporate sponsors and do event delivery. Staff, DEED, and GreaterMSP will have conversations to ensure success following the event.

Port President Erickson explained that he felt fortunate that with the Mall of America already bringing in over forty million tourists a year, it is wonderful that Bloomington seems prepared to accommodate an event such as this.

Councilmember Carter stated that she would like to make sustainability a goal throughout this process, and wanted to know at what point those conversations would happen. Rudlang validated the importance of those guiding principles and stated that staff has a lot of work to do. The guiding principles such as equity and sustainability will certainly be discussed if staff are given the approval to proceed with trying to obtain the Expo. Consultants may even be hired to help with the planning to ensure all of the goals are met.

Councilmember Carter asked if there would be any impact on rental prices in the City. Rudlang said the prices of hotels in Milan went up during the Expo. It is, however, a requirement that

10

Page 11: City Council / Port Authority Concurrent Meeting AGENDA

City Council Port Authority Concurrent Meeting October 13, 2021

there be housing available for employees of the Expo in order to qualify for the bid. Housing prices could potentially be driven up from the event, but there is no firm data at this time.Councilmember Lowman mentioned he would be interested to know what the driving force was behind Argentina canceling their Expo. Verbrugge explained that Argentina had significant economic issues such as national debt issues and inflation. Those issues, combined with Covid, made it infeasible for their country to host an Expo. The United States model is reliant on a private-public partnership in order to make an Expo financial viable. In the case of Argentina, they were entirely reliant on the federal government to pay for the event, which led to the cancelation. There was an Expo in 1984 in New Orleans, but it coincided with the Olympics in Los Angeles, so it did not perform as well due to the dual events. Knoxville, Tennessee also had an Expo in 1982 that was more successful. Councilmember Lowman asked for more potential risks tobe flushed out.

Councilmember Lowman continued by asking for more details regarding the Port Authority’s acquisition of land historically. Rudlang brought up the 90 acres of land that were acquired for the Mall of America. Typically the Port Authority will buy and hold the land for future developments such as the SICK project and Indigo Apartments.

Mayor Busse added that the State Fair Grounds are 322 acres and was acquired for event use successfully.

President Erickson said historically the Port Authority were patient developers to ensure that something quality is built on the land they acquire. Verbrugge added that the City is looking at this as a development project to ensure whatever is constructed will have lasting, long-term benefit to the City. The actual event is the responsibility of the U.S.A. Expo Committee. As the host community, Bloomington will negotiate the logistics, so a lot of staff resources will go towards the Expo. Staffing will be crucial to making this event a success as well.

Councilmember Coulter mentioned that residents ask him where this money will come from, and he asked for clarification on the source of these funds to hold land for an Expo. Rudlang responded that funding will come from the South Loop Development fund and Mall of America TIF funds. He added that the City does not have near the financial power to fund the event itself, which is why the U.S.A. Expo Committee will be doing a lot of fundraising. The project can be reevaluated based on the level of engagement by sponsors and the community, and the City would still have developable land. There are “exit ramps” set up to cancel the event if it seems like it would not be successful.

President Erickson reiterated that the South Loop Development Funds have to by definition be used for development in that area anyways.

Councilmember Baloga asked what the opportunity cost would be if there was a motion directing staff to move forward. Rudlang said keeping with the measured approach the opportunity cost is staff time related to acquiring and negotiating prices for the land. Staff costs go up as consultants are hired and more efforts are put towards the Expo. Councilmember Baloga asked for a dollar amount. Rudlang said it is hard to measure because the staff time spent for land acquisition will be beneficial for future development besides just the Expo. Councilmember Baloga asked who would own the land after it is purchased for this Expo. Rudlang said the Port Authority would most likely own the land as a result. However, there are opportunities for private-public partnerships to develop or sell the land afterwards.

Councilmember Baloga asked if staff had an estimate for how much additional liquor and lodging tax would result from this event. Rudlang said at this point staff does not have those numbers. Verbrugge replied that when the Ryder Cup came to Minnesota for one week that Bloomington hotels were at maximum capacity. This event would be three months, and it would be reasonable to anticipate a lot of tourists during that time staying in Bloomington hotels.

11

Page 12: City Council / Port Authority Concurrent Meeting AGENDA

City Council Port Authority Concurrent Meeting October 13, 2021

Councilmember Nelson asked if there are any security concerns or associated costs for an event of this scale. Rudlang said this was largely discussed in 2017 since there would be dignitaries in town that would bring high security costs to the area as it did with the Superbowl. Staff do not have exact figures yet, which is why they are suggesting a measured approach to this project. Verbrugge reiterated that the operating costs for the Expo are the responsibility of the U.S.A Planning Committee, so they – and various levels of government - would take on a majority of the security costs. Councilmember Nelson asked what the impact might be to residents and businesses in Bloomington. Rudlang does expect a positive impact to most local businesses, and added that the South Loop is the best spot in the Metropolitan area to host such an event because of access to public transit, existing infrastructure, and freeway access. Decades of planning in the South Loop area has prepared Bloomington for a large-scale event such as the Expo.

Councilmember Nelson asked if the 494 road construction would be wrapped up before this Expo. Rudlang answered that the construction timeline is still being determined due to the financing that is yet to be acquired for the railroad bridge near Home Depot. Staff are still engaged with other stakeholders to obtain that financing, and hope for only a couple more years of construction. Councilmember Baloga as a member of the 494 Corridor Commission said there will be a meeting next week and he will have more information. The 35W-494 interchange improvement project should begin construction in 2023, and there are funding issues making the timeline from MNDOT unclear at this time. Baloga added it could take seven to nine years to wrap up construction. Verbrugge mentioned that the City is in discussion with the Transportation Commissioner, and staff are making it clear that they need a firmer timeline being that this is a huge inconvenience for folks traveling through Bloomington. Councilmember Nelson sees this roadwork as a potential risk for the Expo.

Mayor Busse opened the public comment period. No member of the public was on the line for comment. Mayor Busse asked that there be solid information coming from the Communications Department related to this Expo event for the public, and appreciates the measured approach being taken by staff. He added that he is excited for the possibilities the Expo could bring to Minnesota and the Twin Cities area. President Erickson seconded Mayor Busse’s remarks.

M/Lowman, S/Martin, and all City Council members present voting aye to express support for Minnesota USA EXPO’s bid to bring EXPO 2027 to Minnesota and for Bloomington to actively pursue being the host city with a site in South Loop. Vote was called verbally by Minutes Secretary, Motion carried, 6-0.

M/Lunz, S/Hunt, and all Port Authority Board members present voting aye to express support for Minnesota USA EXPO’s bid to bring EXPO 2027 to Minnesota and for Bloomington to actively pursue being the host city with a site in South Loop Vote was called verbally by Minutes Secretary, Motion carried, 7-0.

Adjournment M/Coulter, S/Baloga, and all present City Council members voting aye, to adjourn the Concurrent City Council meeting. Motion carried, 7-0. Meeting adjourned at 7:58 p.m.

President Erickson adjourned the Port Authority meeting at 7:58 p.m.

Hillary NearyMinutes Secretary

12

Page 13: City Council / Port Authority Concurrent Meeting AGENDA

CONCURRENT City Council / Port Authority MeetingUNAPPROVED MINUTES

Concurrent City Council / Port Authority Meeting November 10, 2021

Concurrent City Council / Port Authority Special MeetingWednesday, November 10, 2021, 6:00 p.m.

Council Chambers / WebexBloomington Civic Plaza

1800 West Old Shakopee RoadBloomington, MN 55431

CALL TO ORDER Official attendance and all votes were taken via roll call.

Mayor Tim Busse called the City Council meeting to order at 6:04 p.m.

City Council Present: Mayor T. Busse, Councilmembers J. Carter, N. Coulter, and D. Lowman were present in Council Chambers; Councilmembers S. Nelson and J. Baloga were present virtually via Webex

City Council Absent: Councilmember P. Martin

President Bob Erickson called the Port Authority meeting to order at 6:04 p.m.

Port Authority Present: President R. Erickson, Commissioners T. Busse, J. Carter, T. Keller, R. Lunz, and S. Peterson were present in Council Chambers

Port Authority Absent: Commissioner C. Hunt

Staff: Jamie Verbrugge, City ManagerSchane Rudlang, Port Authority AdministratorMelissa Manderschied, City AttorneyJulie Eddington, Port Authority CounselKarla Henderson, Community Development DirectorBarb Wolff, Special Projects and Initiatives ManagerBecky Schindler, Economic Development AnalystJason Schmidt, Economic Development AnalystKent Smith, Commercial Appraisal Supervisor

NEW BUSINESS1.1 Resolution Approving

Laws of Minnesota 2021, First Special Session, Chapter 14, Article 9, Section 7, Relating to American Blvd TIF District

Port Authority Administrator Schane Rudlang introduced items 1.1 and 1.2.

For the City Council:Motion by Coulter, seconded by Lowman to adopt Resolution No. 2021-203, a Resolution Approving Laws of Minnesota 2021, First Special Session, Chapter 14, Article 9, Section 7, Relating to American Boulevard Tax Increment Financing District. Motion carried 6-0.

1.2 Resolution Approving Laws of Minnesota 2021, First Special Session, Chapter 14, Article 9, Section 7,Relating to 98th St and Aldrich TIF District

For the City Council:Motion by Coulter, seconded by Lowman to adopt Resolution No. 2021-202, a Resolution Approving Laws of Minnesota 2021, First Special Session, Chapter 14, Article 9, Section 7, Relating to 98th Street and Aldrich Tax Increment Financing District. Motion carried 6-0.

1.3 Discussion of Small Business Development Center

Community Development Director Karla Henderson and Special Projects Manager Barb Wolff presented regarding a small business development center .

13

Page 14: City Council / Port Authority Concurrent Meeting AGENDA

UNAPPROVED MINUTES

Concurrent City Council / Port Authority Meeting November 10, 2021

Busse stated excitement for the proposal to move forward.City Manager Verbrugge commented on how the proposal fits within the Council’s strategic priorities.Peterson inquired what would happen if the center ceased to operate. Ms. Wolff responded that the money would need to be paid back if it ended sooner than 20 years.

Lunz inquired on the status of the roof, plumbing, and ADA bathrooms.

Wolff responded that structurally the building was good. The floor plan will stay open and include moveable walls, re-programmed for various uses.

Lowman inquired if an analysis has been done to confirm that re-use is cheaper than a new build. Henderson responded that we have not cost projected out the price of a new building, but have analyzed the condition of the existing structure and we believe this is the more economical way to go.

Erickson commented that re-use ought to be more cost-effective.

Busse stated that it was worthwhile to get another 25 years out of the structure, from a sustainability standpoint. He also commented that the flexibility of the space could be a benefit going forward as needs change.

In response to Commissioner Lunz, Wolff noted the building size was 6,400 sq. ft.

Nelson asked if this binds us to a particular funding source for operations going forward. Wolff responded that it does not. Nelson indicated support for the proposal.

Keller wanted to be sure we haven’t predetermined anything in terms of what people need and that we are reaching out to potential users as well as experts. Henderson responded that the plan is to create an advisory committee and staff will do community engagement to create the best space for our local entrepreneurs.

For the City Council:Motion by Carter, seconded by Lowman to adopt Resolution No. 2021-205, a Resolution supporting the application and authorizing the execution of a grant agreement for the Economic Development Administration - American Rescue Plan Act - Economic Adjustment Assistance (EDA-ARPA-EAA) Department of Commerce Federal Funding Opportunity. Motion carried 6-0.

For the Port Authority: Motion by Lunz, seconded by Peterson to support the City Council’s approval of a Resolution supporting the application and authorizing the execution of a grant agreement for the Economic Development Administration - American Rescue Plan Act - Economic Adjustment Assistance (EDA-ARPA-EAA) Department of Commerce Federal Funding Opportunity. Motion carried 6-0.

1.4 South Loop Waterpark –Consulting Contract

Rudlang summarized actions taken by the City Council and Port Authority at the September 8, 2021 meeting and presented the motion under consideration.

For the Port Authority:Motion by Peterson, seconded Keller for the Port Authority to enter into a contract with Hotel and Leisure Advisors for up to $25,000 for consulting services related to the South Loop Waterpark. Motion carried 6-0.

For the City Council:

14

Page 15: City Council / Port Authority Concurrent Meeting AGENDA

UNAPPROVED MINUTES

Concurrent City Council / Port Authority Meeting November 10, 2021

Motion by Lowman, seconded Coulter to concur with the Port Authority motion to enter into a contract with Hotel and Leisure Advisors for up to $25,000 for consulting services related to the South Loop Waterpark. Motion carried 6-0.

1.5 CLOSED SESSION: Adjoining Lands and Spruce Shadows Farm Acquisition Discussion

Busse explained the circumstances for going into closed session for discussion and that any actions would take place after returning to open session.

For the City Council:Motion by Lowman, seconded Carter to adopt Resolution No. 2021-204, a Resolution directing the closure of a public meeting of the City Council. Motion carried 6-0.

For the Port Authority:Motion by Peterson, seconded Carter to adopt Resolution No. 2-BPA-21, a Resolution directing the closure of a public meeting of the Port Authority. Motion carried 6-0.

The public meeting was closed at 6:52 p.m. The closed session ended and the public meeting was reopened at 9:36 p.m.

For the City Council:Motion by Lowman, seconded by Carter to direct staff to continue negotiations with the property owner and place an item on an upcoming concurrent meeting agenda for consideration of Purchase Agreement reflective of the terms discussed during the closed session for the Adjoiuning Lands. Motion carried 6-0.

For the Port Authority: Motion by Keller, seconded by Peterson to direct staff to continue negotiations with the property owner and place an item on an upcoming concurrent meeting agenda for consideration of Purchase Agreement reflective of the terms discussed during the closed session for the Adjoiuning Lands. Motion carried 5-0-1 (Lunz abstained).

For the City Council:Motion by Baloga, seconded by Coulter to direct staff to continue discussions regarding the Spruce Shadows Farm with the interested parties. Motion carried 5-1 (Lowman opposed).

For the Port Authority: Motion by Lunz, seconded by Peterson to direct staff to continue discussions regarding the Spruce Shadows Farm with the interested parties. Motion carried 6-0.

ADJOURNMENT Motion by Lowman, seconded by Coulter to adjourn the City Council meeting. Motion carried 6-0.

The Port Authority Board meeting was adjourned by President Erickson at 9:40 p.m.

Matt BrillhartMinutes Secretary

15

Page 16: City Council / Port Authority Concurrent Meeting AGENDA

Request for Council Action

Originator Port Authority

Item South Loop Waterpark and EXPO Site on Adjoining Lands

Agenda Section NEW BUSINESS

Date December 9, 2021

Requested Action:

City Council pass a motion to approve the attached Waterpark Financing and Adjoining Lands Option Letter ofIntent and direct staff to develop agreements and documents based on the terms for consideration at a futureConcurrent meeting of the City Council and Port Authority.

Port Authority pass a motion to approve the attached Waterpark Financing and Adjoining Lands Option Letter ofIntent and direct staff to develop agreements and documents based on the terms for consideration at a futureConcurrent meeting of the City Council and Port Authority.

Item created by: Schane Rudlang, Port Authority Item presented by: Schane Rudlang, Port Authority Administrator Description:

Introduction

A large indoor waterpark has been in the plans at or near Mall of America since the mall project was conceived inthe 1980s. In 2018, the City Council and Port Authority started work in earnest to find a way to deliver thewaterpark project. Throughout 2018 and 2019, a plan was developed which utilized a nonprofit entity tofacilitate the project. The nonprofit would take the place of the City as owner and borrower for the waterparkuntil the mortgage was paid off in 30 years. The model allowed the project to move forward while protecting theCity and Port from financial risk and liability. In 2021, new statutory language was enacted into Minnesota lawwhich allows cities and port authorities new flexibility for utilizing Tax Increment Financing (TIF). The 2021 law issimilar to what was passed in 2011, following the last big economic downturn. The purpose of the flexibility in2011 and in 2021 was to spur economic development. The 2021 flexibility requires that funds have to becommitted to a project by December 31, 2022, and spent by December 31, 2025. The 2021 flexibility opens upnew options for financing the waterpark, as detailed below.

In addition to the waterpark, the Council and Port have directed staff to seek site options to host EXPO 2027.

Waterpark and Adjoining Lands Letter of Intent

During the meeting on December 9, staff will review the attached Letter of Intent for the waterpark and the

16

Page 17: City Council / Port Authority Concurrent Meeting AGENDA

Adjoining Lands (8201 24th Ave S and 8200 28th Ave S). The proposed terms evolved from the direction given bythe boards related to the waterpark and EXPO. In summary, the terms accomplish the following goals:

1. Provide a financing framework for Triple 5 to formally pursue the financing markets for the waterparka. $30M in TIF is made available to the project at closing, with tight recapture provisionsb. $9M in Adjoining Lands value that exists is ‘freed up’ and required to be used on the waterpark

i. This “TIF Loan” would be repaid by Triple 5 if EXPO doesn’t happen, and the loan is securedwith the value in the Adjoining Lands

2. Secure a core site for EXPO 2027 on the Adjoining Lands (31.16 acres)a. A purchase option for the Adjoining Lands would be secured, using MOA TIF as the interim funding

source, which does not require the expenditure to come from the South Loop Development Fund atthis time.

i. Permanent funding for the EXPO site would come from SLDF, private investors, grants, orother funds.

Additional Background - Public City Council and Port Authority Meetings Related to the Waterpark

1. March 6, 2018: Staff and representatives from Triple 5, owners of Mall of America (MOA), updated the CityCouncil and Port Authority on the status of development for future phases of MOA. The focus of thatmeeting was on the potential to develop and construct a large indoor waterpark, which would beconnected to Mall of America. At that time, the City, Port and Triple 5 were exploring a number ofdifferent ownership and financing structures for the waterpark, including one where the City would ownand issue debt for the project, using revenues from the waterpark to pay for the waterpark’s debtpayments. In the aforementioned financing model, which was not ultimately furthered, Bloomingtonresident property taxes would not have been at financial risk for the project. Work continued in thesummer and fall of 2018 to find a financing model where the City and Port further limited their risk; thisincluded numerous staff and developer meetings, and extensive legal analysis.

2. November 1, 2018: Staff presented a proposed waterpark financing model utilizing a nonprofit as theborrower and owner. Triple 5 would develop the waterpark with the Port Authority. They would alsomanage the waterpark through a contract with the nonprofit. The Council and Port directed staff tocontinue studying the nonprofit model outlined.

3. January 31, 2019: Staff presented a further refined version of the nonprofit model, and the Council andPort directed staff to perform further due diligence and bring back a Development Services Agreement forconsideration at the next concurrent meeting of the City Council and Port Authority.

4. April 17, 2019: Staff presented options to the Council and Port. Options presented were to move forwardwith the Development Services Agreement (DSA) to fund $7.6M of $10.1M in development, design,contracting, and contract pricing, or to continue due diligence before doing so. The Council and Port votedto move forward with the DSA.

5. July 1, 2019: The Council and Port passed resolutions to move forward with Provident Resource Group asthe nonprofit entity that would create the special purpose MN nonprofit entity to borrow, construct andown the waterpark.

6. August 12, 2019: Provident attended a concurrent meeting of the Council and Port to review Provident’sbusiness model. Staff provided the Council and Port an update of the ongoing project feasibility reviewprocess. No action was taken by the Council or Port.

7. September 9, 2019: The City Council passed a resolution to concur with Provident, in the selection of asyndicate of underwriters as follows: Barclays Capital, Inc. to serve as the bookrunning co-senior manager;Citigroup Global Markets, Inc. to serve as co-senior manager; and Piper Jaffray & Co. to serve as co-manager.

17

Page 18: City Council / Port Authority Concurrent Meeting AGENDA

8. October 29, 2019: The City Council and Port Authority passed a resolution approving the NonprofitAgreement. The agreement formalized the relationship between the City/Port and Provident for theproject. Key points of the agreement included establishing the members of the Board of Directors for theNonprofit Entity (Provident-4 and City-1), outlining members of the Project Advisory Committee (BCVB-1,City-1, Port-1, Management Company-1, and Provident-4).

9. November 12, 2019: Representatives of Triple 5 reviewed the thematic design and layout of the waterparkin detail. Triple 5 also presented their outreach activities to their tenants related to the Special Use Taxesthat provide backup funding if waterpark revenues are lower than projected. The City Council voted tochange an ordinance and passed resolutions necessary to allow the Special Use Taxes to be a backstop forthe water park debt, if the project closes financing.

10. December 16, 2019: The City Council approved the zoning and entitlements for the waterpark. Thesezoning and entitlement approvals are the standard approvals any real estate project needs in order toultimately get a building permit to construct a building in Bloomington. This action is separate and distinctfrom the financing and ownership discussion.

11. September 8, 2021: The City Council and Port Authority passed motions directing staff to work with Triple5 to study a private financing option that would utilize legislation signed into law in Minnesota in 2021 thatprovides a temporary easing of restrictions on the use of TIF due to Covid. The boards also wanted tocontinue to keep the non-profit option on the table and directed staff to continue consulting studies.

12. November 10, 2021: The boards, in closed session discussed terms to either purchase or buy an option onthe Adjoining Lands (31 acres directly east of MOA, currently a parking low) to provide a core site for EXPO2027 and to provide liquidity for Triple 5 for investment in the privately-financed Waterpark project.

Attachments:

Adj Lands Location MapLOI Draft Final 12-6-21.pdf

18

Page 19: City Council / Port Authority Concurrent Meeting AGENDA

Adjoining Lands (8201 24th Ave S and 8200 28th Ave S)

19

Page 20: City Council / Port Authority Concurrent Meeting AGENDA

LETTER OF INTENT

MOAC Land Holdings LLC 2131 Lindau Lane Suite 500 Bloomington, MN 55425 Delta Metro Lands LLC 2131 Lindau Lane Suite 500 Bloomington, MN 55425 (“DELTA”) City of Bloomington 1800 W Old Shakopee Rd Bloomington, MN 55431 (“City”) Bloomington Port Authority 1800 W Old Shakopee Rd Bloomington, MN 55431 (“Port”) MOAC Land Holdings LLC, Delta Metro Lands LLC, City, and Port may be referred to herein collectively as the “Parties” This Letter of Intent (“LOI”) is intended to provide a written expression of the mutual interest of the Parties in a transaction involving financing of the South Loop Waterpark and site control of the Adjoining Lands (“Site”) as shown on the attached Exhibit. This LOI is non-binding and does not constitute an offer or contract. It is intended to serve as a general outline of the terms and conditions that will be included in the final contract documents between the Parties. Adjoining Lands Site Control Option - Delta Metro grants the Port Authority an exclusive site control option that runs through the EXPO selection date (no later than June 2023)

1) Option price - In consideration for granting site control option, the Port provides to T5 a secured loan (the “TIF Loan”),

a. TIF Loan amount – Hennepin County Assessed Value in the year of closing minus mortgage amount minus any mortgage breakage fees (if applicable)

2) In the event: EXPO 2027 or 2028 is selected by BIE for Minnesota, USA a. Closing to occur within 90 days of BIE Vote (regardless of final entity developing the

site) i. Parties agree that MOA TIF account could be used as an interim funding

source (inter-fund loan), with interest paid at Port’s aggregate investment rate

20

Page 21: City Council / Port Authority Concurrent Meeting AGENDA

ii. If EXPO does not happen, T5 may repurchase the site at the same price it sold it for

b. Land price for EXPO i. If Site is developed by Third Party Developer - If land costs are the expense

of the Third Party Developer and the post-EXPO use is managed and developed by the Third Party Developer and Buyer and Seller cannot agree on a price, the price is determined by an appraisal process (three appraiser process outlined in standard recapture agreement).

a. The value cannot be higher than the T5 2021 Mortgage Appraisal, or lower that the current Hennepin County Assessed Value.

ii. Site is developed by City/Port - If land costs are the expense of the Port and/or City and the post-EXPO use is managed and developed by the Port and/or City, the “City/Port Land Cost” is the Hennepin County Assessed Value that is current as of the closing date (currently $27.5M).

3) In the event: EXPO 2027 or 2028 is NOT selected by BIE for Minnesota, USA a. T5 to repay the TIF Loan within 4 years from BIE vote

i. Security of TIF Loan - Loan would be secured by a purchase option granted to the Port that allows the Port to buy the site at the land mortgage amount (est. $17.5M) if T5 does not repay the TIF loan

1. T5 to pay any mortgage breakage fees that apply 2. Funding for sale is MOA TIF account 3. Resale price at Port’s discretion 4. TIF Loan is deemed satisfied

ii. Interest on TIF Loan – Port’s aggregate TIF account investment rate at time of execution of Option Agreement (currently 0.68%)

1. TIF account is made whole 4) Adjoining Lands required parking (200-300 spaces) to be relocated into WP ramp, funded by

MOA TIF, if EXPO happens or City/Port purchase site due to nonpayment by T5 of TIF Loan a. Since construction of the Parking Ramp along with the waterpark could begin before

a BIE EXPO decision is known, Parking Ramp design to include an add-alternate to add the Adjoining Lands parking to the Parking Ramp project.

5) Deed restrictions (or by agreement) to be put in place to limit uses to not compete directly with MOA uses

a. See Attachment A 6) T5 agrees to not increase the debt on the site beyond any loan refinancing costs (no new

liens) 7) TIF Loan proceeds to be dedicated to Waterpark and advanced from the Port on a monthly

draw basis. a. If the waterpark does not proceed the TIF loan is reduced to whatever has been

advanced for the WP, and in the event of no EXPO repaid as outlined herein 8) Land Sale Proceeds – Proceeds from any land sale or from TIF Loan repayment to be

returned to MOA TIF account (once TIF, always TIF) 9) TIF Spending Plan needs to be modified to utilize MOA TIF for this purpose

1) Waterpark

a. Waterpark privately developed under the 2016 Master Development Contract terms except as outlined herein

21

Page 22: City Council / Port Authority Concurrent Meeting AGENDA

b. Port injects $30M in cost buy down at closing i. Public-private formula adjusted to accommodate the waterpark and Adjoining

Lands parking requirements c. Recapture terms to match P1C recapture agreement except for the following:

i. Cost Buy Down - $30M 1. Up to 100% in recapture agreement with threshold set to baseline

proforma (without a buffer above baseline proforma) ii. Parking and Infrastructure Recapture - $73M

1. Up to 50% in recapture agreement with threshold set to baseline proforma (without a buffer above baseline proforma)

2. PI Recapture amount to be reduced by Hotel allocation of improvements 3. Hotel Threshold – TBD but as close to baseline as feasible

d. SLDF gets reimbursement from WP loan closing proceeds for Development Services Agreement Costs ~$7.5M

e. Development Fee for Public Improvements is 1% paid at closing 3) Non-binding Term Sheet

This term sheet is non-binding and does not constitute an offer or a contract. It is intended to serve as an outline of the terms and conditions that will be included in the final contract documents between the City, the Port and T5/MOA/Delta Metro. None of the terms set forth in this term sheet shall be binding upon the City and Port Authority until a final contract is negotiated among the parties and approved by the respective boards of the City and the Port Authority at a public meeting.

22

Page 23: City Council / Port Authority Concurrent Meeting AGENDA

Signature page for the Letter of Intent between the City of Bloomington, the Port Authority of the City of Bloomington, MOAC Land Holdings LLC, and Delta Metro Lands LLC,

CITY OF BLOOMINGTON, MINNESOTA DATED:___________________________ BY:________________________________ Tim Busse

Its: Mayor DATED:___________________________ BY:________________________________ James Verbrugge

Its: City Manager Reviewed and approved by the City Attorney. __________________________________ Melissa Manderschied

23

Page 24: City Council / Port Authority Concurrent Meeting AGENDA

PORT AUTHORITY OF THE CITY OF BLOOMINGTON, MINNESOTA

DATED:___________________________ BY:________________________________ Robert Erickson

Its: President DATED:___________________________ BY:________________________________ Schane Rudlang

Its: Administrator Reviewed and approved by the Port Authority Attorney. __________________________________ Julie Eddington

24

Page 25: City Council / Port Authority Concurrent Meeting AGENDA

MOAC Land Holdings LLC DATED:___________________________ BY:________________________________

Its: __________________________ DELTA Metro Lands LLC DATED:___________________________ BY:________________________________

Its: __________________________

25

Page 26: City Council / Port Authority Concurrent Meeting AGENDA

Attachment A: Specifically Allowed Uses

26

Page 27: City Council / Port Authority Concurrent Meeting AGENDA

Board Agenda Item

Originator Engineering

Item Riverview Corridor Project - Design Concepts

Agenda Section NEW BUSINESS

Date December 9, 2021

Requested Action:

No Action Required

Description:

The Riverview Corridor project is currently in the Engineering and Pre-Environmental Phase which began inOctober 2020 and will continue through 2023. During this phase, project staff will examine impacts and gatherdetailed information to refine the project's design. The project team will share design concepts during thisupdate. Presented By:Julie Long, City Engineer Jeremy Melquist, Civil EngineerKevin Roggenbuck, Ramsey County

Attachments:

Bloomington City Council Port Authority Dec 2021.pdf

27

Page 28: City Council / Port Authority Concurrent Meeting AGENDA

BLOOMINGTON CITY COUNCIL AND PORT AUTHORITY

December 09, 202128

Page 29: City Council / Port Authority Concurrent Meeting AGENDA

Agenda• Engineering and Pre-Environmental Update.

• Overview.• Bdote/Fort Snelling.• Mall of America.

• Cultural Resources Update.• Community Engagement Update.

229

Page 30: City Council / Port Authority Concurrent Meeting AGENDA

Engineering and Pre-Environmental Update

330

Page 31: City Council / Port Authority Concurrent Meeting AGENDA

Engineering and Pre-Environmental Phase• Current work includes:

• Route and vehicle optimization.• Dedicated vs. shared lane

analysis.• Cultural and environmental

impacts and benefits.• Streetscaping/Station Area

Planning.• Impacts and benefits.• Two build alternatives.

• Optimized Streetcar.• Best Bus.

431

Page 32: City Council / Port Authority Concurrent Meeting AGENDA

532

Page 33: City Council / Port Authority Concurrent Meeting AGENDA

Key Findings• Consider visual impacts.• Consider operational impacts to Fort and

disturbance to historic buildings.• Preserve area of remembrance.• Avoid disturbance to original rock which is

considered sacred part of landscape.

= use existing tunnel

633

Page 34: City Council / Port Authority Concurrent Meeting AGENDA

Alternative 1 Tunnel Section(looking toward Saint Paul)

734

Page 35: City Council / Port Authority Concurrent Meeting AGENDA

Mixed-Traffic Alternative

835

Page 36: City Council / Port Authority Concurrent Meeting AGENDA

Mixed-Traffic Alternative

936

Page 37: City Council / Port Authority Concurrent Meeting AGENDA

Alternative 2B Tunnel Section(looking toward Saint Paul)

1037

Page 38: City Council / Port Authority Concurrent Meeting AGENDA

Single-Track Alternative

1138

Page 39: City Council / Port Authority Concurrent Meeting AGENDA

Single-Track Alternative

1239

Page 40: City Council / Port Authority Concurrent Meeting AGENDA

Next Steps/Other Issues• Resolving bridge options.• Accommodating bikes and pedestrians.• Agency coordination.

• Train and traffic operations, interlining with Blue Line.

1340

Page 41: City Council / Port Authority Concurrent Meeting AGENDA

Mall of America Connection Alternatives

1441

Page 42: City Council / Port Authority Concurrent Meeting AGENDA

1542

Page 43: City Council / Port Authority Concurrent Meeting AGENDA

Option 1

1643

Page 44: City Council / Port Authority Concurrent Meeting AGENDA

Option 1

1744

Page 45: City Council / Port Authority Concurrent Meeting AGENDA

Option 1

1845

Page 46: City Council / Port Authority Concurrent Meeting AGENDA

Option 8

1946

Page 47: City Council / Port Authority Concurrent Meeting AGENDA

Option 8

2047

Page 48: City Council / Port Authority Concurrent Meeting AGENDA

Option 8

2148

Page 49: City Council / Port Authority Concurrent Meeting AGENDA

Cultural Resources

Communications and Community Engagement

2249

Page 50: City Council / Port Authority Concurrent Meeting AGENDA

Cultural Resources

23

• Section 106 and Historic Properties virtual meeting December 8.

• Cultural Landscape Study.• Interactive map on project

website.

50

Page 51: City Council / Port Authority Concurrent Meeting AGENDA

Communication and Community Engagement

24

• Fare for all in-person engagement.

• Community Advisory Committee met October.

• Updated Saint Paul district councils and Friends of Fort Snelling.

• Engage transit users at the Mall of America.

• Engage bike riders directly and through organizations.

51

Page 52: City Council / Port Authority Concurrent Meeting AGENDA

Questions?

52