Overview

• The City Council authorized a TIF extension central to financing Mystery Cove, moving the privately owned $432 million indoor water park closer to construction.
• About $160 million would come from tax increment financing generated by Mall of America property taxes, which are restricted to projects within the mall district.
• Triple Five plans roughly $253 million in loans, including an estimated $133 million, 30‑year loan to be administered by the St. Paul Port Authority and a separate roughly $120 million loan at about 14% interest, with formal applications and terms still unsettled.
• Financing backstops include a $20 million lender‑controlled securities account and a personal guarantee from the Ghermezian family intended to reduce taxpayer exposure.
• If remaining approvals and loan closings proceed, work could start as early as spring 2026 with an opening targeted for 2029, as officials tout about 700,000 annual visitors while critics question public subsidy and the project’s water and energy use.