Recovery Zone Facility Bonds - Hotel at Mall of America

Description

The Mall of America has become a retail destination for shoppers throughout Minnesota and the nation and an engine of economic development right here in Hennepin County.

The American Recovery and Reinvestment Act of 2009 provided for the creation of new financing tools designed to promote economic recovery and invest in infrastructure that will provide long-term economic benefits. Recovery Zone Facility Bonds were one of the new tools created as a result of the Recovery Act.

On August 17, 2010, the Hennepin County Board passed resolution 10-0355 allocating the entirety of its $40.28 million in Recovery Zone Facility Bonding authority to the Port Authority of the City of Bloomington. The Port Authority will use the bonds to help finance the construction of a 501 room hotel, including meeting space, a spa and full-service restaurant, and a parking ramp containing more than 500 spaces next to the Mall of America.

Constructing the hotel is expected to create as many as 250 construction jobs and, once the new hotel opens, it’s anticipated to employ up to 240 people full-time.

Money Received

$40,280,000