. >> GOOD EVENING EVERYONE. IT IS TUESDAY, SEPTEMBER 30TH, 2025 AND THIS IS THE CITY COUNCIL PORT A 30 CONCURRENT
MEETING I WILL CALL TO ORDER THE CITY COUNCIL PORTION OF THIS CONCURRENT MEETING AND I WILL CALL FOR HER TO THE PORT AUTHORITY PORTION. WE'VE JUST GOT A HANDFUL
OF THINGS ON THE AGENDA TONIGHT. THE FIRST IS ITEM 3.1 APPROVAL OF MINUTES AND UNLESS THERE ARE CHANGES OR ADDITIONS I WOULD MOVE APPROVAL OF THE
CITY COUNCIL PORTION OF THOSE MINUTES. SO AGAIN AN EMOTION AND A SECOND TO APPROVE THE CITY COUNCIL PORTION OF THE MINUTES. ANY FURTHER DISCUSSION IN THAT COUNCIL HEARING? NONE. ALL THOSE IN FAVOR PLEASE
SIGNIFY BY SAYING I I OPPOSED MOTION CARRIES SIX ZERO AND I WOULD ENTERTAIN A SIMILAR MOTION FOR THE PORT AUTHORITY GOVERNMENT WISHING MAJOR WOW
THAT WAS FESTIVE. SECOND WE HAVE A SECOND COMMISSIONER HUNT. ANY ADDITIONS OR CORRECTIONS IF NOT ALL IN FAVOR PLEASE SIGNIFY BY SAYING I, I OPPOSED.
AND WHAT DO WE HAVE? SEVEN I THINK WE'RE ALL HERE ON FOUR AND SEVEN ZERO AND SO THERE'S SEAN JUST CAME AND I
GUESS YOU WANT DO YOU WANT TO VOTE FOR THE MINUTES IN FAVOR OF AND DO YOU ALSO WANT TO RUN THE MEETING.
OH NO NO OUR NEXT AGENDA ITEM IS ITEM 4.1 AND THIS IS A PUBLIC HEARING AND IT'S REGARDING A SECOND AMENDED AND RESTATED TIFF SPENDING PLAN. MR. KEVIN CASE IS GOING TO
LEAD US THROUGH THIS AND THEN WE WILL GO TO A PUBLIC HEARING . GOOD EVENING. WELCOME. GOOD EVENING. MAYOR COUNCIL MEMBERS, PORT AUTHORITY MEMBERS WE HAVE A PRESENTATION WHICH HOPEFULLY
WILL BE COMING UP HERE IN JUST A MOMENT. BUT WHILE WE'RE DOING THAT, HOPEFULLY WE'LL HAVE BETTER TECHNOLOGY THAN OUR LAST MEETING. WE'RE GOING TO COVER AMENDMENTS TO THE
SPENDING PLAN AND GO OVER WHAT A SPENDING PLAN IS, WHAT THE BLOOMINGTON SPENDING PLAN ACTUALLY DOES AND ALSO WHAT IT DOES NOT DO.
DO YOU WANT TO GO TO THE AGENDA ? DO YOU MIND GOING TO THE NEXT SLIDE UP? THANK YOU. SO LIKE I OUTLINED SO WE'LL BE
COVERING THE SPENDING PLAN TALKING ABOUT BLOOMINGTON SPENDING PLAN ITSELF. SO LOOKING AT THINGS LIKE PRIOR APPROVALS AMENDMENTS AMOUNTS AND DATES RELATED TO THAT AND THEN WE'LL GO OVER
WHAT THIS AMENDMENT TO THE SPENDING PLAN DOES IF APPROVED TONIGHT AND THEN WHAT IT IS NOT DOING IN THE INTEREST OF THE PRIOR MEETING ON THE
16TH AND SOME DISCUSSION . SO THE SPENDING PLAN ITSELF AS A RESULT OF SPECIAL LEGISLATION THAT WAS PASSED IN 2021 BY THE STATE LEGISLATUR AND THEN FURTHER
AMENDED THIS YEAR THROUGH A LEGISLATIVE EXTENSION AND WHAT THAT DOES IS PROVIDE THE SPECIAL USE OF TAX INCREMENT FINANCING SPECIFICALLY TO STIMULATE JOBS THROUGH DEVELOPMENT PROJECTS WITHIN
THE CITY. THE INTENTION IS REALLY FOCUSED ON ECONOMIC DEVELOPMENT AND THE CREATION OF JOBS AS A RESULT OF ECONOMIC DOWNTURNS THE CITY WAS REQUIRED TO TRANSFER FUNDS
INTO A SEGREGATED ACCOUNT SO THAT WOULD BE OUR SPENDING PLAN ACCOUNT AND DO THAT BY THE DECEMBER 31ST 2022 DEADLINE. AND AS YOU CAN IMAGINE WE DID DO THAT.
WE TRANSFERRED $95.2 MILLION PER THAT STATUTORY DEADLINE. AND THEN I WANT TO JUST OUTLINE A LITTLE BIT OF THE HISTORY OF THE CITY SPENDING PLAN ITSELF. SO ON MARCH 9TH THE PORT
AUTHORITY IN THE CITY COUNCIL APPROVED THE ORIGINAL SPENDING PLAN THAT ORIGINALLY APPROVED 55 MILLION TO BE TRANSFERRED INTO THAT SPENDING PLAN AND THEN THAT WAS AMENDED AND
RESTATED ON DECEMBER SEVENTH OF 2022. A REASON FOR THAT AMENDMENT AND RESTATEMENT WAS STAFF DID SOME ADDITIONAL ANALYSIS ON THE AVAILABLE BALANCE THAT COULD BE TRANSFERRED IN THAT
SPENDING PLAN. AND SO THAT'S ONE OF THE REASONS THERE THAT YOU SEE THAT AMENDMENT INCLUDING THAT INCREASE TO 95.2 MILLION. SO THOSE DECEMBER AMENDMENTS REALLY FOCUSED ON INCREASING
THE AMOUNT THAT WAS AVAILABLE BASED ON THOSE UPDATED PROJECTIONS AND THEN ADDED A TEENY BIT MORE DETAIL TO THAT SPENDING PLAN DOCUMENT ITSELF BASED ON UPDATED GUIDANCE FROM THE OFFICE OF THE STATE
AUDITOR. SO THIS SECOND AMENDED AND RESTATED SPENDING PLAN IF APPROVED WOULD DO THREE THINGS IN PARTICULAR IT WOULD EXTEND
THE DEADLINE TO COMMIT AND SPEND FUNDS WITHIN TIFT DISTRICTS ONE, C AND ONE G. SO THAT'S REALLY THE MAIN WAY PROPERTY ITSELF THROUGH DECEMBER 31ST OF 2027.
SO WE'RE REALLY LOOKING AT A TWO YEAR EXTENSION FROM THE ORIGINAL SPENDING PLAN. IT'S ALSO INCORPORATES A BROADER EXTENSION THAT PROVIDES A LITTLE BIT MORE
GEOGRAPHIC OPENNESS TO WHERE THOSE FUNDS CAN BE SPENT BUT HAS A LONGER DURATION. SO THE STATE ALSO APPROVED A NON CITY SPECIFIC LEGISLATIVE EXTENSION TO DECEMBER 31ST
2026 WHICH WOULD ALLOW US TO USE THOSE FUNDS OUTSIDE OF THOSE TIFT DISTRICTS ON MLK PROPERTY. AND THEN FINALLY IT ALSO INCLUDED A PROVISION WHERE INTEREST EARNED ON THE
SPENDING PLAN SO THOSE DOLLARS THAT ARE SITTING IN THAT SEGREGATED ACCOUNT ARE EARNING INTEREST THAT COULD BE USED AS IF IT WERE SPENDING PLAN DOLLARS ITSELF. AND SO THE ORIGINAL AMOUNT THAT WAS TRANSFERRED WAS AT
95.2 MILLION. AS OF RIGHT NOW THOSE ACCOUNTS HAVE EARNED ABOUT $7.3 MILLION AND SO THIS AMENDMENT INCORPORATE RATES THE ABILITY TO USE THAT AS SPENDING.
PLAINTIFF IF THE CITY COUNCIL AND PORT AUTHORITIES CHOOSE TO DO SO. AND THEN FINALLY IF WE AMEND THE SPENDING PLAN WE ARE REQUIRED TO REPORT THAT TO THE APPROPRIATE BODY SUCH AS THE OFFICE OF STATE AUDITOR WITHIN
30 DAYS OF MODIFICATION AND WE DO HAVE A DEADLINE OF COMPLETING THAT BY DECEMBER 31ST OF THIS YEAR. SO I THINK IT'S ALSO IMPORTANT TO NOTATE WHAT THE SPENDING
PLAN DOES NOT DO. SO THERE IS IN KIND OF AN IMPORTANT WORD IN THE PACKET OR A SEQUENCE OF SENTENCES AND REALLY WHAT IT DOES IS IT AUTHORIZES BUT IT DOES NOT
OBLIGATE US TO USE OR SPEND ANY OF THOSE FUNDS AS THE CITY AND PORT AUTHORITY. SO IT REALLY IS A AMENDMENT THAT GIVES US THE ABILITY TO DO SOMETHING BUT IT DOES NOT OBLIGATE US TO DO THAT.
SO IF WE WERE TO COMMIT THESE FUNDS TO A PROJECT THROUGH A REDEVELOPMENT AGREEMENT THAT WOULD NEED TO BE COMPLETED AND APPROVED IN ANOTHER MEETING SO IT DOES NOT OBLIGATE FUNDS TO
ANY SPECIFIC PROJECT. AND FOR THE MALL OF AMERICA WATER PARK PROJECT IN PARTICULAR THAT PROJECT WOULD REQUIRE A SEPARATE AGREEMENT THAT WOULD BE APPROVED SO THAT WOULD BE A REDEVELOPMENT AGREEMENT AND
THAT WOULD HAVE TO BE DONE AT A FUTURE PUBLIC MEETING. SO BEFORE YOU OR THE SUGGESTED OR SUGGESTED MOTIONS TO TAKE BUT I KNOW THIS IS A PUBLIC HEARING AND I WILL PAUSE TO
SEE IF THERE ARE ANY QUESTIONS OR HEARING OVER TO THE MAYOR. THANK YOU, KEVIN. CITY COUNCIL QUESTIONS COUNCILMEMBER DALLESSANDRO THANK YOU, MR. MAYOR AND THANK YOU, MR. PRESIDENT.
I JUST HAVE ONE BECAUSE I WANT TO MAKE SURE I KIND OF NARROW DOWN THE SCOPE OF OF THE CONVERSATION HERE TO THE TO THE THE THE WAY THAT THE FUNDING OCCURRED IN THE FIRST PLACE.
SO DO I HAVE IT RIGHT THAT THAT THAT THE 55 MILLION SUBSEQUENTLY THE $95 MILLION COMES FROM A FUND THAT THROUGH LEGISLATION IS PROVIDED
THROUGH STATEWIDE OR REGIONAL TIFF DOLLARS THAT ARE SECURED AND THEN HANDED TO THE CITY THE CITY HAD TO CREATE A FUND TO PUT THAT MONEY IN AND
THAT'S THE FUNDING THAT WE'RE LOOKING AT TO SOURCE THIS POTENTIAL DEVELOPMENT IS THAT RIGHT? AND DO I HAVE THE SOURCE OF THE MONEY CORRECT OR CAN YOU BE MORE SPECIFIC ON THAT
JUST SO I GET IT RIGHT MAYOR MEMBERS COUNCILMEMBER DALLESSANDRO SO THE WAY THIS FUNDING WORKS IS THE MALL OF AMERICA TIFT DISTRICTS GENERATE TAX INCREMENT
REVENUE. THEY ALWAYS GO INTO TIP ACCOUNTS THAT THE CITY CONTROLS AND AS PART OF THE CREATION OF THE SPENDING PLAN WE HAD TO IDENTIFY WHAT AVAILABLE TURF WAS IN THOSE
ACCOUNTS THAT COULD BE TRANSFERRED INTO A SEGREGATED ACCOUNT AND THAT IS THAT SPENDING A PLANT ACCOUNT SO THAT 95.2 COMES DIRECTLY FROM THAT TAX INCREMENT REVENUE THAT WAS GENERATED IN THOSE
DISTRICTS AND AVAILABLE AT THAT TIME IT WAS TRANSFERRED INTO THOSE ACCOUNTS AND THERE ARE TWO OF THEM ARE THERE TWO DISTRICTS THAT ARE GENERATING TAX INCREMENT FINANCE ARE FUNDS RIGHT NOW, IS THAT
RIGHT? COUNCILMEMBER DALLESSANDRO THAT'S CORRECT. IT'S TIFT DISTRICTS ONE C AND ONE G. OKAY. THAT'S WHY WE HAVE THOSE LISTED HERE. OKAY. THANK YOU. I APPRECIATE THE CLARIFICATION
. ADDITIONAL QUESTIONS FROM COUNCIL PART OF THE THREE QUESTIONS AND I THINK KEVIN, BEFORE WE GET QUESTIONS FROM
PORT AUTHORITY MEMBERS, I MEAN I THINK WE HAVE TO CATEGORIZE THIS WHOLE THING IS REALLY BEING A TECHNICAL ACT THAT WE'RE TAKING IN AND AGAIN WE NEED TO DO THESE THINGS WE'RE NOT MAKING I THINK CLARIFYING
WHAT YOU SAID EARLIER THERE'S NO DECISION MAKING WITH HOW THE FUNDS ARE GOING TO BE USED. AND I ALSO THINK THAT THAT COUNCIL MEMBER DAZZLER WAS REALLY TALKING ABOUT THE TWO
SOURCES THAT WE'VE HAD OF THE FUNDING AND ONE IS STRAIGHT TIFF FUNDING WHICH IS THE OLD DISTRICT AND THEN THE NEW IS THE LEGISLATIVE PROVIDED FUNDING THAT DOESN'T COME DIRECTLY FROM BLOOMINGTON IN A SENSE IT'S GENERATED OUT
OF THE POOL AND I THINK THAT'S WHAT YOU WERE AIMING AT SAYING THAT THIS IS REALLY MONEY THAT'S BEEN MADE AVAILABLE TO BLOOMINGTON FOR WORKING ON
REALLY THE MALL OF AMERICA DEVELOPMENT AND IT WAS DONE BECAUSE OF THE UNIQUE NATURE OF THE PROJECT YOU MIGHT CORRECT OR INCORRECT. PRESIDENT ERICKSON YES, YOU'RE CORRECT.
OKAY. PORT AUTHORITY QUESTIONS. ALL RIGHT. ALL RIGHT. WHERE THIS IS A PUBLIC HEARING SO WE WILL OPEN THE PUBLIC HEARING NOW KEVIN, DON'T GO
FAR AND WE'LL OPEN IT UP TO ANYONE WHO WISHES TO SPEAK. THIS IS ITEM 4.1 A PUBLIC HEARING REGARDING THE SECOND AMENDED AND RESTATED TIFF SPENDING PLAN. IS THERE ANYBODY IN THE
COUNCIL CHAMBERS WHO WISHES TO SPEAK ON ITEM 4.1? REALLY? DO WE HAVE ANYONE ON THE PHONE ? MAYOR WE DO NOT HAVE ANYONE ON LINE.
LAST CALL FOR ANYBODY IN THE CHAMBERS HERE WITHOUT ANYONE COMING FORWARD AND SEEING NO ONE ON THE LINE I WOULD LOOK FOR A MOTION TO CLOSE THE
PUBLIC HEARING ON ITEM 4.1 SO WE HAVE A MOTION AND A SECOND TO CLOSE THE PUBLIC HEARING ON THEN 4.1 NO FURTHER DISCUSSION ON THIS. ALL THOSE IN FAVOR PLEASE SIGNIFY BY SAYING I OPPOSED
MOTION CARRIES. YEAH. AND DO WE NEED TO DO A SIMILAR MOTION FOR THE PORT AUTHORITY ? NOPE. I THINK WE JUST KIND OF DID IT AS OKAY GREAT EITHER HURRY.
ALL RIGHT SO COUNCIL NOW ANY ANY FURTHER DISCUSSION ON THIS ON THE SECOND AMENDMENT AND RESTATED TIFF SPENDING PLAN MR. MAYOR, CAN WE GET THE
MOTIONS BACK UP ON THE SCREEN ? I'M SURE WE COULD. THERE THERE
ARE MORE QUESTIONS FROM THE PORT SIDE HEARING NONE. COUNCILORS AS PRESIDENT ERICKSON SAID THIS IS PRETTY
STRAIGHTFORWARD. THIS IS A AND THIS IS KIND OF TECHNICAL STUFF AND AND I APPRECIATE THE CLARIFICATION IN KEVIN'S PRESENTATION THAT WE'RE NOT OBLIGATING TO ANY SPECIFIC PROJECT HERE. WHAT WE'RE DOING IS SIMPLY
RESTATING THIS SPENDING PLAN AND HAVING THAT AMOUNT OF MONEY AVAILABLE FOR AN EXTENDED PERIOD OF TIME BASED ON THE LEGISLATION. SO IF THERE ARE NO FURTHER QUESTIONS OR ANYTHING FROM THE
COUNCIL I WOULD ENTERTAIN ACTION ON THIS. COUNCILMEMBER DALLESSANDRO I'M HAPPY TO MAKE THE MOTION. I'LL MOVE TO ADOPT A RESOLUTION APPROVING A SECOND AMENDED AND RESTATED SPENDING
PLAN FOR CERTAIN TAX INCREMENT FINANCING DISTRICTS LOCATED WITHIN THE INDUSTRIAL DEVELOPMENT DISTRICT NUMBER ONE SOUTH LOOP. SECOND MOTION BY COUNCILMEMBER DALLESSANDRO SECOND BY COUNCILMEMBER CARTER TO APPROVE THE RESOLUTION TO A
SECOND AMENDED AND RESTATED SPENDING PLAN FOR CERTAIN TAX INCREMENT FINANCING DISTRICTS LOCATED WITHIN INDUSTRIAL DEVELOPMENT DISTRICT ONE SOUTH LOOP NO FURTHER COUNCIL DISCUSSION ON THIS. ALL THOSE IN FAVOR PLEASE
SIGNIFY BY SAYING I OPPOSED MOTION CARRIES SEVEN ZERO AND I WOULD ENTERTAIN A SIMILAR MOTION FOR THE 430 HASSAM
PETERSON. MR. PRESIDENT, I MOVE THAT WE ADOPT A RESOLUTION APPROVING A SECOND AMENDED AND RESTATED SPENDING PLAN FOR CERTAIN TAX INCREMENT FINANCING DISTRICTS LOCATED WITHIN INDUSTRIAL DEVELOPMENT DISTRICT NUMBER
ONE SOUTH LOOP. WE HAVE A MOTION MADE AND SECONDED ANY FURTHER DISCUSSION IF NOT ALL IN FAVOR PLEASE SIGNAL FOR SAYING I. I OPPOSED MOTION CARRIES SEVEN
ZERO. VERY GOOD AND I BELIEVE WE HAVE COME TO THE END OF OUR AGENDA FOR THE CITY COUNCIL AND PORT AUTHORITY CONCURRENT
MEETING FOR THE CITY COUNCIL I'D ENTERTAIN A MOTION TO ADJOURN MOTION IN A SECOND TO ADJOURN ALL IN FAVOR PLEASE SIGNIFY BY SAYING I OPPOSED MOTION CARRIES SEVEN ZERO AND I WILL ADJOURN THE PORT
AUTHORITY MEETING. >> VERY GOOD. THANK YOU ALL. THANKS FOR COMING