Financial Tools
The Bloomington Port Authority has made use of the following financial tools to assist with development and redevelopment in the city. Each project is carefully considered for its application and ability to meet city priorities and goals.
Tax Increment Financing
Tax increment financing uses the increased property taxes generated by new real estate development within a tax increment district to pay for certain eligible costs associated with the development.
Business Subsidy
Bloomington may grant subsidy to projects that meet certain public purpose goals.
Opportunity Housing Ordinance
Bloomington requires residential developments or redevelopments of 20 or more units to include 9% affordable units. Additional incentives are available to developers who achieve higher levels of affordability.
Grants and Loans
Development grants and loans may be available through the partners below or other entities. Port Authority staff may be able to advise or assist with grant applications that meet city priorities. Recent grant programs that Bloomington companies have successfully applied for:
Partners
MN DEED
The Minnesota Department of Employment and Economic Development (DEED) facilitates an economic environment to produce jobs and improve the quality of the state's workforce.
Greater MSP
Greater MSP is a regional economic development organization which works across Minnesota's 13-county Minneapolis Saint Paul metro area.
Metropolitan Council
The Metropolitan Council is the regional policy-making body, planning agency, and provider of essential services for the Twin Cities metropolitan region, including public transportation.
Hennepin County
Hennepin County offers a variety of programs designed to assist businesses, promote economic development, create and retain jobs, and cultivate entrepreneurs.
Foreign Trade Zone
A Foreign Trade Zone (FTZ) is the U.S. version of an International Free Trade Zone. A FTZ is always located near a Port of Entry and can be used to store foreign or domestic goods, re-package materials, assemble products, manufacture or re-export goods without paying Customs duties.
