Subsidy Tracker Individual Entry

Company: 
Triple Five
Parent Company: 
Triple Five Worldwide
Subsidy Source: 
local
Location: 
Minnesota
City: 
Bloomington
Project Description: 

Mall of America

Year: 
1988
Major Industry of Parent: 
real estate
Specific Industry of Parent: 
real estate
Subsidy Value: 
$108,000,000
Program Name: 
infrastructure assistance
Awarding Agency: 
Port Authority of Bloomington
Type of Subsidy: 
MEGADEAL
Source of Data: 

The subsidy value came from: Mike Meyers, "Millions more for megamall," Minneapolis Star-Tribune, July 29, 2001.

Notes: 

The city's financial assistance paid for parking structures, roads, sewers and landscaping in and around the mall. Triple Five, controlled by the Ghermezian Brothers, was the original developer of the mall. When it ran into financial difficulties, other investors including Simon Property Group predecessor Melvin Simon & Associates were brought in. After a lengthy legal battle, Simon ended up in control of the project but in 2006 it sold its interest back to Triple Five. Overlaps with main Subsidy Tracker data: none.

Source Notes: 
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