Financing details

August 12, 2010 at 1:54AM

financing Details

•$40.3 million in tax-exempt bonds available under the stimulus package and issued by the Bloomington Port Authority, to be repaid by the hotel owner.

•$40 million in private taxable bonds to be repaid by the hotel owner.

•$35 million of private investments arranged by Mortenson Development.

•$15 million in tax increment financing from the city of Bloomington for the new parking garage.

•Dougherty Funding LLC in Minneapolis is expected to underwrite the bonds.

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