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Bloomington Port Authority seeks extension of tax-exempt status for 11-acre redevelopment parcel near MSP
Summary
The Bloomington Port Authority requested a five‑year extension of an economic-development property‑tax exemption for an 11‑acre site south of I‑494 that was held for a potential world's expo bid. City officials said rising interest rates and slowed commercial development prompted the request; the committee laid the bill over.
Representative Nathan Kolter introduced House File 10 88 on behalf of Bloomington to extend an economic-development property-tax exemption for an 11-acre site south of Interstate 494 near the Minneapolis–Saint Paul airport.
Holly Masick, administrator of the Bloomington Port Authority, told the committee the parcel was purchased in 2016 to hold out for a higher-and-better use and was identified as a…
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