Mall of America and Bloomington officials are nearing a financing agreement that would pave the way for a $338 million water park nearly eight years in the making.
Why it matters: MOA officials believe the massive indoor water park would help maintain the mall’s status as a major destination.
- But that effort was sidetracked for years due to COVID, ballooning construction costs and heightened interest rates that made borrowing almost impossible. This appears to be a breakthrough.
By the numbers: A pair of tax-increment financing plans would contribute $160 million to the project, according to a Finance & Commerce report.
- Mall of America owner Triple 5 said it’s getting a $120 million loan from Infinite Global Real Estate Partners and a $133 million C-PACE loan administered by the Saint Paul Port Authority.
What they’re saying: Triple 5 exec Kurt Hagen told city officials last week that interest rates have not come down, so his company has had to make significant loan guarantees to make it work, per Finance & Commerce.
Catch up quick: Called Mystery Cove, the water park would total 143,000 square feet and have a clear, retractable roof.
- Plans call for a wave pool, lazy river, 30 slides and rides and several smaller pools and spas.
- The total price tag for the project tops $400 million when parking, infrastructure and financing costs are added in.
The other side: Environmentalists have raised concerns over the facility’s water and energy consumption, and others have questioned whether the city should be subsidizing so much of the project…