Commissioners voted 4-2 to approve a second amendment to the 2016 master redevelopment contract with MOA/Triple Five, extending performance deadlines by two years (to roughly 2027-2028) and adjusting redevelopment-value thresholds, citing pandemic-related delays. Commissioner Lotthammer (referred to as 'LZ' in captions) voted no, citing years of skepticism about the project's cost (potentially $160-180 million in TIF funds) and Triple Five's inability to secure private financing since 2020. City Council had approved the same extension unanimously the night before with little debate.
Auditor Andy Herring of Redpath presented an unmodified (clean) opinion on the Port Authority's 2025 year-end financials, with no internal-control or legal-compliance findings. Tax increment revenue rose about $1.4 million year over year while investment income fell roughly $600-700K amid declining interest rates. Commissioners voted 6-0 to accept the audit report.
Staff reported results of a Port Authority-funded (up to $400,000) emergency grant program launched after Operation Metro Surge disrupted small businesses starting in December. Of 195 applications, 25 businesses were ultimately funded roughly $178,000-$190,000 total, preserving an estimated 173 local jobs; about 72% of funded grants went to BIPOC-owned businesses. Many applicants were disqualified for lacking building permits, business licenses, or having unpaid utility bills, prompting the city to run compliance clinics and plans for a six-month follow-up survey of recipients.
Assistant Port Authority Administrator Barb Wolf gave an informational update (no vote taken) on two programs helping businesses cover sewer availability charge fees: a low-interest deferral program (three restaurants have used it since 2022) and a credit/grant program that has distributed about $293,000 since 2022, including a new $75,000 Port Authority-funded SAC credit pool approved in the 2026 budget.
Staff reported Seagate is weighing a second Bloomington expansion competing against two other locations, with a state incentive package and a Minnesota Investment Fund application before council. Southtown's Dick's House of Sport will proceed without TIF for phase one due to prevailing-wage requirements, though a larger phased project and future TIF requests are still expected. The 52-unit Adora Apartments project advanced quickly through council, while Lindale Apartments failed to win bond allocation this round and must reapply in fall/winter.
Administrator update revealed City Council recently approved changes converting the Park and Fly/Park and Go surface parking lots from temporary to permanent status for up to 30 years, with roughly 25% of the sites required to be set aside for development by around 2030 (though no groundbreaking deadline). Commissioner Nelson, who is also a council member, said the lots' original 'temporary' designation was likely a mistake in hindsight; Commissioner Peterson apologized for not bringing the item to the Port Authority for input given its long involvement in South Loop development.
