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Council approves two-year extension to Mall of America redevelopment contract terms
Summary
The Bloomington City Council unanimously approved a two-year extension to performance timelines in the 2016 master redevelopment contract covering the Mall of America area and adjusted interim valuation targets; the overall $1.2 billion improvement requirement remains unchanged.
The Bloomington City Council on July 20 approved a second amendment to the 2016 master redevelopment contract governing private redevelopment on MOA (Mall of America) property in the South Loop District.
Kevin Knaise of the Port Authority summarized the amendment as a recognition of pandemic-related delays: it extends the two performance checkpoints by two years (from 10 to 12 years and 20 to 22 years), reduces the intermediate valuation target at year 12 from $500 million to $400 million and raises the later target to $800 million, while preserving the $1.2 billion estimated-value requirement at the longer term.
Council members characterized the change as a straightforward, pragmatic accommodation given documented pandemic impacts. A motion to approve the resolution authorizing the amendment passed unanimously, 7–0. The Port Authority will also consider the amendment at its upcoming meeting.
