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The making of the mall, phase II
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WHAT ARE THE MALL OF AMERICA'S EXPANSION PLANS?
A $2.1 billion, 5.6 million-square-foot project spread over 42 acres, including stores, hotels, offices, a dinner theater and a water park. The mall estimates it will create 7,000 construction jobs and generate $1.1 billion in new sales taxes over 20 years. The mall says 83 percent of the project would be privately financed. The remainder, including a $204 million parking ramp accompanying the expansion, would be publicly financed.
WHAT IS THE PROPOSAL?
Under the legislation awaiting action in the House, the increase in the commercial-industrial tax base resulting from the mall's expansion would be exempt from the metrowide "fiscal disparities pool." That exempted portion -- estimated at $4.5 million annually -- along with revenues from an increase in the city of Bloomington's lodging tax, would be used to help finance the parking ramp.
WHAT IS THE "FISCAL DISPARITIES POOL"?
It's a shared tax base intended to narrow the gap among metro-area cities with different amounts of commercial-industrial growth.
HOW DOES IT WORK?
Each year, cities in the seven-county area put a portion of the increase in their commercial-industrial tax base into the pool, and the money is redistributed according to a formula based primarily on population and property market value.
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