The meeting commenced with discussions on the Bloomington Central Station Grocery recapture agreement. The approved lease with Colonial Market involves a base rent of $5 per square foot, with a two-year rent-free period for startup costs, transitioning to a 2% annual rent increase thereafter. Performance rent is set at 4% of gross sales above the base rent, beginning in fiscal year 2027. The landlord will retain rental income up to $625,000 to cover prior tenant operating expenses, with the remaining rent contributing to the city’s grocer recapture agreement, capped at 50% of the total investment. This new approach replaces the previous EBITDA calculation method. The commission unanimously approved the amended recapture agreement.

Following the grocery lease approval, attention turned to a public hearing concerning a property near the Mall of America. This site, purchased for economic development, is nearing the end of a tax-exempt period, prompting discussions on future uses. The proposal to sell the property to the City of Bloomington for potential development as a public park, such as a bike skills park, was met with approval. The sale reflects a straightforward ownership transfer from the port authority to the city, with no current interest from the mall in developing the site.

A significant portion of the meeting focused on the Commercial Nodes Toolkit, a project aimed at revitalizing older commercial areas struggling with vacancy and lacking amenities. The toolkit provides a framework for modernization and redevelopment, aligning with findings from a 2016 study on commercial neighborhoods. The strategic plan emphasizes strong relationships with property owners, leveraging existing programs, advocating for policy changes, incorporating public spaces, and mitigating displacement. Case studies highlighted successful grant-assisted projects, such as the transformation of an old dry cleaning space into an office and the comprehensive remodel of the Acropolis Restaurant. The toolkit aims to guide redevelopment efforts and stimulate economic growth, acknowledging the need for housing, green spaces, and alternative transportation in these commercial nodes.

An in-depth discussion also addressed development strategies in the South Loop area, drawing comparisons to St. Louis Park. The commission highlighted the substantial investment in street improvements funded through Tax Increment Financing and recognized the need for clarity on market demands for residential and commercial spaces. The conversation emphasized the influence of public transit and walkability on development decisions, with parking identified as a continuing concern due to demand from neighboring businesses. The commission acknowledged the necessity of collaboration with the development community and the importance of fostering relationships to facilitate successful projects.

The meeting also tackled the Port Authority’s mission statement, with members expressing a need for an updated version that reflects the organization’s broader focus on citywide economic development. Two options were discussed, each emphasizing economic growth, business assistance, creative placemaking, and strategic real estate investments. The proposed statements aim to encapsulate the Port Authority’s expanded role beyond its original purpose related to the Met Stadium redevelopment. The dialogue called for a collaborative approach to refining the mission statement, potentially involving a working session to ensure alignment with the commission’s goals and responsibilities.