Financing details
August 12, 2010 at 1:54AM
•$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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The city negotiated with utilities to grant tenants until the end of the month to move out, as yet another building from downtown’s once-prolific property owner folds.
