The parking ramp for the Mall of America water park is now the biggest single item in the city's draft capital plan, and it has drawn its first open objection. In the plan's current form, the ramp in the South Loop would cost roughly $75 million. About $45 million would come from tax increment financing (TIF) revenue bonds, which are paid back with future property taxes from the site. The other roughly $30 million would come from money left over in the original Mall of America TIF districts. Planning Commissioner Coleman questioned the ramp while the Planning Commission was reviewing the plan.
City of Bloomington@CityofBloomingtonMNCommissioner Coleman questions the roughly $75 million ramp and how the draft capital plan pays for it.10/29
After a council member passed along residents' questions about who pays, city staff told the City Council the ramp was a $45 million project financed through Port Authority TIF, and that no property tax levy is planned for it.
City of Bloomington@CityofBloomingtonMNStaff answer residents' questions about the ramp: TIF pays for it, there's no levy, and it is tied to the water park.10/19
The ramp's financing has been argued over for years. In September 2021, at a joint City Council and Port Authority meeting, a Mall of America representative said the mall would lose upwards of $100 million through the pandemic and had received no federal or state aid.
City of Bloomington@CityofBloomingtonMNA Mall of America representative describes the mall's pandemic losses to the council and Port Authority.09/08
In March 2024, staff spelled out the ground rules. The 2016 master redevelopment contract requires Triple Five, the City Council and the Port Authority to all agree on any use of TIF, and only after a full public funding needs analysis has been done.
City of Bloomington@CityofBloomingtonMNStaff explain that all 3 parties have to sign off on how TIF money from the mall is spent.03/28
The project is Mystery Cove. The plan calls for about 143,000 square feet next to the mall, with a wave pool, a lazy river, family splash areas, pools and spas, and roughly 30 slides and rides under a retractable roof. Construction could start as early as 2026, and the target opening is 2029. The council and Port Authority approved the TIF plan in late 2025. The city's tourism bureau notes that a final redevelopment agreement still has to be approved before the project officially goes ahead.
In July, the Port Authority voted 4-2 to amend the 2016 contract a second time, citing pandemic delays. The amendment pushes performance deadlines back about 2 years, to roughly 2027-2028, and adjusts the redevelopment-value thresholds. Staff described the change as protecting the mall's viability along with the city and public resources. The 2 no votes show the board is still divided.
City of Bloomington@CityofBloomingtonMNThe Port Authority takes up the second contract amendment and approves it on a split vote.07/21
Here's where things stand. The ramp is written into the draft 2027-2036 Capital Improvement Plan, which the council reviewed at its Oct. 19 study session. The water park itself is still waiting on a final redevelopment agreement. Until it happens, the extended deadlines set how long Triple Five has to show progress.
To weigh in, contact your council member. That's how the first questions about the ramp got to staff.
From the meetings: City Council Study Meeting, October 19, 2026 and Port Authority Meeting, July 21, 2026.
