One of the key highlights was the report on the Port Authority’s economic development programs, presented by Holly Masek. The Youth Workforce Development Program, initiated in 2022, aims to connect young individuals aged 16 to 24 with internship opportunities in Bloomington. This initiative addresses employment barriers and seeks to diversify the city’s workforce. As of 2024, 15 students were successfully placed in internships, with plans to expand employer partnerships in STEM industries for the following year. The program is set to have a temporary facilitator in 2025, funded through unspent resources initially intended for a small business center.

Another initiative, “Hatched Bloomington,” drew attention with its pitch competition offering a $100,000 prize to help small businesses transition to physical locations. A food truck named Scrambling an Egg emerged as the winner, poised to open a brick-and-mortar establishment. The competition’s success, which included 117 applicants and a wide media reach, has paved the way for a second iteration next year.

The meeting also unveiled the Bloomington Economic Partnership, a public-private initiative designed to enhance the city’s economy through collaboration between city officials, industry leaders, and academic institutions. With a focus on job creation and business growth, the partnership has established five committees to oversee various sectors like business development and community branding. A CEO Summit is planned to strengthen relationships between business leaders and city officials.

Discussions shifted to the Port Authority’s budget for 2025, revealing a total budgeted revenue of $3,394,000 against expenses of $2,713,339, resulting in a surplus. This surplus includes allocations for reserves and a Strategic Acquisitions Fund earmarked for potential land acquisitions and opportunities throughout the year. The strategic approach to land purchases reflects a shift from past opportunistic acquisitions to a more structured plan, as emphasized during the meeting.

The establishment of a Strategic Acquisitions Fund aims to enhance partnerships with local organizations such as the Minnesota Small Business Development Center and the state’s Department of Employment and Economic Development. The goal is to promote free programming and workshops for the business community. Dedicated funding for cross-departmental collaboration and marketing efforts was also discussed, with potential engagements involving consultants for storytelling and rebranding to enhance the city’s narrative.

Further, the meeting addressed Southtown’s preliminary application for tax increment financing. Representatives from Southtown received feedback on their plans, particularly the need to improve walkability and create a block structure on the property. They committed to providing more information aligned with the commission’s objectives.

On the financial front, the Port Authority received a $50,000 grant from Hennepin County to enhance the façade improvement grant program for 2025, increasing resources available to local businesses. This aligns with the broader economic development strategy laid out in the five-year plan, which will see consultants returning for workshops to refine the Port Authority’s mission and implementation planning.

The meeting also touched on the upcoming departure of City Manager Jamie Freiberg, who plans to leave on January 7 after ten years of service. The mayor discussed the process for hiring a new city manager, emphasizing community feedback’s importance in the search for candidates.

Another topic was the ongoing waterpark project at the mall, which continues to face financing challenges in the current market conditions. The Port Authority is considering a legislative extension for funding deadlines and is closely monitoring the situation.

Additionally, a new city fee related to building applications, adopted by the City Council, was discussed. Set at $2,026 per unit for applications submitted after January 1, 2025, the fee may see exemptions or reductions based on affordability, sustainability, and geography, particularly focusing on the South Loop area.

A business survey was presented, revealing insights into employment trends, business operations, and community impacts. Findings highlighted an increase in full-time employees and health insurance provisions, alongside optimism about future employment levels. The survey also pointed to concerns over inflation, high taxes, and the cost of doing business.