BLOOMINGTON, MN-The planned expansion of the Mall of America here, valued at $1.5 billion, will receive as much as $250 million in tax breaks thanks to the Minnesota Legislature.
Lawmakers approved the incentives this week that will fund improvements to the mall's roads and other infrastructure via the Twin Cities Metropolitan Area Fiscal Disparities Program, a regional pool of commercial and industrial tax money that is designed to reduce the imbalance between wealthy and poorer communities, according to the Star Tribune.
Mall officials declined to discuss details on the expansion plan or when construction might begin. The newspaper reports the expansion could double the size of the mall with more stores, movie theaters, hotels, and possibly a water park.
“From inception, the plan was to expand Mall of America allowing for an even-grander guest experience,” the 21-year-old mall said in a prepared statement Tuesday. “This legislation will enable Mall of America to do just that.” See story in the Star Tribune.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
