Federal stimulus revives $130M Mall of America hotel planThe federal stimulus package is allowing the Mall of America to revive its long-delayed plan for an upscale $130 million hotel.
By: Associated Press,
BLOOMINGTON, Minn. — The federal stimulus package is allowing the Mall of America to revive its long-delayed plan for an upscale $130 million hotel.
The 2009 federal stimulus bill made tax-exempt bonding authority available to Hennepin County for qualified construction projects that can get under way quickly. The Bloomington Port Authority wants to issue $40.3 million in tax-exempt bonds for the project.
The Star Tribune reported Wednesday that the Hennepin County Board is expected to approve the financing plan next Tuesday.
The 12-story, 501 room hotel is proposed to open in 2013. It would be built on the south side of the mall between Macy's and Bloomingdale's.
Next up would be the Mayo Clinic's project at the megamall, which officials hope will break ground in a year.