Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Property Tax topic
No spam. Unsubscribe anytime.
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 potential site for a state's world expo bid. After unsuccessful expo bids in 2021 and 2023 and recent changes in market conditions—including higher interest rates—Masick said the Port Authority needs more time to market the site to high-quality investors.
"The 11-acre site is highly visible and situated just south of MSP Airport and 494," Masick said, adding the parcel remains publicly owned and that the authority is reevaluating options. The request is for an extension of the economic-development exemption to allow additional time for redevelopment planning and marketing.
Action: The committee moved to lay House File 10 88 over for possible inclusion in the omnibus tax bill. Committee members expressed support and asked a few clarifying questions about revenue impact and local planning.
Why it matters: Extending an economic-development exemption keeps the parcel off the tax rolls temporarily while the Port Authority seeks a redevelopment that could generate higher long-term property-tax revenue and new jobs.
What's next: House File 10 88 was laid over for possible omnibus inclusion; the city and Port Authority will continue work on redevelopment plans and provide follow-up information to the committee as requested.
