Water park development services agreement reached
The proposal to build a water park near Mall of America is undergoing further feasibility study, financial analysis and design rendering. A development services agreement for the proposed 335,000-square-foot water park was approved by the City Council and Port Authority in April. The Bloomington Port Authority and an affiliate of MOA-owner Triple 5 would share in the expenses of the $10.1 million contract.
The City’s share of the funding comes from the South Loop Development Fund. Bloomington lodging and liquor taxes make up the this fund, and its use is limited to spending on South Loop District development. The fund would be paid back at a future time if the project closes financing.
With the approval of the services agreement, the next stage of the water park proposal is moving ahead. A feasibility analysis includes final designs, construction cost estimates, operating revenue studies and expense projections, along with the selection of a nonprofit entity which would borrow $250 million to complete the water park. Depending on the continued feasibility of the project, construction could start in the spring of 2020, with a projected grand opening two years later.
Visit blm.mn/waterpark for more information.