Mall of America owners seek to add water park
Mar. 07, 2018
BLOOMINGTON, Minn. (AP) — The owners of the Mall of America hope to add a huge water park near the shopping center that the city of Bloomington would pay for and own.
Triple 5 pitched the plan to the city's Port Authority in a memo released Tuesday, the Star Tribune reported . The park would be about 225,000 square feet and cost $150 million to $200 million.
Though private financing was considered for the project, interest rates would likely cause higher payments on the debt that the park's revenue couldn't support, the memo said. However, the city can borrow money at rates below what's available to private entities.
Triple 5 would lease land to the city and be hired by the city to operate the park, according to the document. The city would collect the park's potential profits, which the company estimates would be $1 million to $2 million annually.
The company hopes to get a major international brand, such as DreamWorks or Nickelodeon, involved in the project.
The memo highlighted the success of the company's water park at the West Edmonton Mall in Alberta. That park features slides, other rides, a wave pool and hosts beach parties and surfing leagues. The attraction brings in 500,000 users each year and contributes to the mall's vibrancy, the memo said.
The project is still in the early stages of consideration, said Port Authority Administrator Schane Rudlang. The Port Authority has recommended sending representatives to the Alberta park as it considers the proposal, but the trip is currently on hold as the authority continues to research the plan.
Information from: Star Tribune, http://www.startribune.com