Port Authority — Bloomington, MN
Date: 2026-02-18

Port Authority
 AGENDA


 PORT AUTHORITY MEETING
 TUESDAY, FEBRUARY 17, 2026
 COUNCIL CHAMBERS
 BLOOMINGTON CIVIC PLAZA
 1800 W. OLD SHAKOPEE RD.
 BLOOMINGTON, MN 55431
 5:15 PM

ANNOUNCEMENT
Some Port Authority members and presenters may participate electronically as permitted by Minnesota Statutes.
Members of the public may attend in person or watch on the City's YouTube channel: blm.mn/YouTube.

CALL TO ORDER
The Port Authority Commission requests attendees silence their cell phones during the meeting. A paper copy of
the full agenda packet is available for viewing in the 3-ring binder at the entrance of Council Chambers.

1. INTRODUCTORY

 1.1 Commissioners Oath of Office

 1.2 Appointment of Officers

2. APPROVAL OF MINUTES

 2.1 Approval of Port Authority Meeting Minutes

3. CONSENT BUSINESS
 The following items are considered to be routine by the Port Authority Commission and will be acted on by
 one motion. There will be no separate discussion of these items unless a Commissioner so requests, in
 which case the item will be removed from the consent agenda and considered at the end of Consent
 Business or at another stated time on the agenda as determined by the Commission. If you desire to have
 an item removed from the consent agenda, please alert the Port Authority Administrator prior to the start
 of the meeting. The Port Administrator will notify the Commission of a request to remove an item from the
 consent agenda.

 3.1 Designation of Official Depositories and Investment Brokers

 3.2 Designation of Electronic Funds Transfer

 3.3 Appointment of External Auditor

 3.4 Appointment of Municipal Advisor

 3.5 Approve Appointment of Bond Counsel
 3.6 Acknowledgement of Financial Management Policies

 3.7 Appointment of Official Newspaper

 3.8 Approve Appointment of General Counsel and Special Counsel

4. NEW BUSINESS

 4.1 American Square TIF Plan Amendment

 4.2 Small Business Assistance Grant Program

5. ORGANIZATIONAL BUSINESS

 5.1 Preliminary Year End Financials and Budget Adjustments

 5.2 Port Authority 2026 Workplan

6. ADMINISTRATOR UPDATES

 6.1 Administrator Updates

ADJOURNMENT

BloomingtonMN.gov: A yearly meeting schedule, agendas, and the official minutes once approved are available. If you require a
reasonable accommodation, please call 952-563-8733 (MN Relay 711) as soon as possible, but no later than 9:00 a.m. one business day
before the meeting day.

 Our mission is to cultivate an enduring and remarkable community where people want to be.

Port Authority Meeting
 UNAPPROVED MINUTES APPROVED MINUTES



 Port Authority Commission Meeting
 Tuesday, February 17, 2026 - 5:15PM
 Council Chambers
 Bloomington Civic Plaza
 1800 West Old Shakopee Road
 Bloomington, MN 55431
 To watch meeting video, please click HERE


 CALL TO ORDER President Erickson called the Port Authority Commission meeting to order at 5:15pm.
 Commissioners present: Erickson, Busse, Hunt, Lunz, Peterson, Santana. Commissioner Nelson
 arrived at 5:25pm.
 Staff Present:
 • Holly Masek, Port Authority Administrator
 • Kevin Knase, Assistant Port Authority Administrator
 • Barb Wolff, Assistant Port Authority Administrator
 • Mary Kay Heinen, Treasury Manager
 • Jamy Hanson, City Clerk
 • Marit Rasmusson, Office Support Specialist

INTRODUCTORY The Oath of Office was administered by City Clerk Jamy Hanson to Commissioner Busse and
Item 1.1 Commissioner Nelson.
Commissioners Oath of
Office

Item 1.2 M/Peterson, S/Lunz to approve the Port Authority Board of Commissioners’ 2026 slate of
Appointment of Officers officers:

 President – Robert Erickson
 Vice President – Tim Busse
 Secretary – Shawn Nelson
 Treasurer – Cynthia Hunt
 Assistant Treasurer – Lori Economy-Scholler

 Motion carried: 6-0. (Nelson had not yet arrived.)

APPROVAL OF MINUTES M/Hunt, S/Busse to approve the minutes of the December 16, 2025 Port Authority
Item 2.1 Commission meeting.
Approval of Port Authority Motion carried: 6-0.
Meeting Minutes

CONSENT BUSINESS M/Peterson, S/Busse to approve Consent Agenda Items 3.1 - 3.8.
 Motion carried: 6-0.




Port Authority Approved Minutes February 17, 2026 meeting
Item 3.1 M/Peterson, S/Busse to designate and approve the entities listed as Port Authority
Designation of Official Depositories Depositories and investment Brokers for 2026.
and Investment Brokers
 Depositories:
 • U.S. Bank
 • FMA Financial Network (4M Fund)

 Investment Brokers:
 • Great Pacific Securities, Andy Fuller
 • Moreton Capital Markets, Lynn Cornwell
 • Northland Securities, Michelle Johnson
 • PMA Financial Network, Kent Johnson
 • RBC Capital Markets, LLC, Michael Meyer
 • Stifel Fixed Income Capital Markets, Josh Gorham
 • US Bank, Ryan Morse

 Depositories for Certificate of Deposit Investments:
 Alerus Financial Great Western Bank
 American Investors Bank and Mortgage Highland Bank
 American National Bank Home Federal Savings Bank
 Associated Bank Huntington Bank
 Bank of America MidWestOne Bank
 Bank of the West Minnesota Bank & Trust
 Beal Bank USA Minnwest Bank
 Bell Bank My Credit Union
 BMO Harris Old National Bank
 Bremer Bank Premier Bank Minnesota
 Bridgewater Bank Prime Security Band
 Choice Financial Group SharePoint Credit Union
 Commerce Bank Star Bank
 CorTrust Bank Sterling State Bank
 Crown Bank Think Mutual Bank
 Eaton Employees Credit Union Toro Employees Federal Credit Union
 Fidelity Bank United Bankers’ Bank
 Firefly Credit Union Unity Bank
 First Bank & Trust US Bank
 First Independence Bank Wells Fargo Bank
 First Western Bank & Trust Woodlands National Bank
 Flagship Bank Minnesota Gateway Bank Ziegler Federal Credit Union
 Great Southern Bank

 Motion carried 6-0.




Port Authority Approved Minutes February 17, 2026 meeting
Item 3.2 In accordance with Minnesota Statute 471.38 governing electronic funds transfers, the City of
Designation of Electronic Fund Bloomington must meet all of the following provisions:
Transfer • The governing body on an annual basis will delegate the City Manager as the
 designee to make electronic funds transfers;
 • The disbursing bank(s) of the City of Bloomington will keep on file a certified copy of
 the delegation of authority;
 • The authorized person(s) initiating the electronic funds transfer are the following:
 1. Lori Economy-Scholler, Chief Financial Officer
 2. Amy Sevig, Deputy Finance Officer
 3. Kari Carlson, Deputy Finance Officer
 4. Mary Lee, Finance Manager
 5. Mary Kay Heinen, Treasury Manager
 6. Kyle Johannes, IT Manager - Infrastructure Services (i.e. transmitting payroll
 direct deposit file)
 • All electronic funds transfers shall have proper approvals and supporting
 documentation as required of all City disbursements;
 • Written confirmation of all transactions must be made within one business day after
 the transaction; and
 • City Council notifications of all disbursement types are governed by City Charter
 Section 52.
 M/Peterson, S/Busse to approve the Electronic Funds Transfer Designation for 2026.
 Motion carried 6-0.

Item 3.3 On November 14, 2022, the City Council approved a contract with Redpath as the City’s
Appointment of External Auditor External Auditor for the fiscal year ending 2022 through year ending 2026 financials.
 Redpath and Company's not-to-exceed amount is $667,600.00 through 01/01/2027.
 ($469,500.00 City services, $133,100.00 for HRA services, and $65,000 for Port services)

 M/Peterson, S/Busse to designate Redpath and Company as the Port Authority’s External
 Auditor for the fiscal year ending 2025.
 Motion carried: 6-0.

Item 3.4 The Board is asked to reaffirm Baker Tilly US, LLP (Baker Tilly) as the City’s Municipal Advisor
Appointment of Municipal for 2026.
Advisor The 2023-2027 Services Agreement was approved by City Council on December 19, 2022. The
 not to exceed amount is $750,000.00 for the five year agreement. It is expected that all
 municipal advisor services for Bloomington will be led by Elizabeth Bergman.
 As part of the normal annual organization business, the Municipal Advisor must be named.

 M/Peterson, S/Busse to approve Baker Tilly as the Port Authority’s Municipal Advisor for
 2026. Motion carried: 6-0.

Item 3.5 The board is asked to reaffirm Kutak Rock LLP as the Port Authority's Bond Counsel for 2026.
Approve Appointment of Bond The 2025-2028 Services Agreement was approved by City Council on June 16, 2025, and by
Counsel the Port Authority on June 17, 2025. This is a three-year agreement with an option to renew
 two more times for one year each.
 Fees:
 Attorneys - $400/hour
 Paralegals - $260/hour

 M/Peterson, S/Busse to reaffirm Kutak Rok as the Port Authority’s Bond Counsel.
 Motion carried: 6-0.
Port Authority Approved Minutes February 17, 2026 meeting
Item 3.6 The City made revisions to seven policies in the Financial Management Policies document in
Acknowledgement of Financial 2025.
Management Policies Policy Name Revision Date
 Revenue Policy 1/6/2025
 Forfeited Funds Policy 6/2/2025
 Self-Insurance Reserve Policy 6/2/2025
 External Auditor Independence Policy 9/29/2025
 Purchasing Policy 9/29/2025
 Purchasing Card (P-Card) Policy 10/13/2025
 Fund Balance Year-End Classification Policy 10/20/2025
 Staff requests the board acknowledge the Financial Management Policies document as it
 appears on the City's Finance Department webpage: blm.mn/fin
 SUMMARY OF CHANGES:
 Revenue Policy (1/6/25)
 In addition to expanding sections from the previous policy, the following enhancements were
 made:
 • A new purpose statement emphasizing the City’s commitment to fiscal responsibility,
 transparency, and long-term financial health.
 • Three new sections were introduced to address:
 o Grant Revenue and Intergovernmental Aid
 o Revenue Monitoring and Adjustment
 o Long-term Financial Planning
 Forfeited Funds Policy (6/2/25)
 Revisions were administrative and not substantial to the policy meaning or impact:
 • Created sections including Purpose, Scope, Policy, and Reference to support
 readability of the document.
 • Language and format clean up.
 Self-Insurance Reserve Policy (6/2/25)
 The changes aim to make the policy clearer, more flexible, and better aligned with the City's
 ongoing financial and risk management practices including:
 • Clarified that the Self-Insurance Fund was established for both operational stability
 and needs from unforeseen events.
 • Removed redundancy and tightened the language on protection from fluctuating
 insurance premiums.
 • Added flexibility for planned drawdowns for operational purposes (e.g.,
 extraordinary expenditures or increased premiums/claims).
 • Stated that surplus above the minimum may be used for broader city-wide
 initiatives.
 External Auditor Independence Policy (9/29/25)
 This revised policy adds a purpose and scope section and is aligned with broader standards
 (GAO, OSA, GFOA). It also emphasizes Council oversight and adds best practice
 recommendations (e.g. multiyear contracts).


Port Authority Approved Minutes February 17, 2026 meeting
 Purchasing Policy (9/29/25)
 The updated Purchasing Policy revision changes the previous title "Assistant City Manager" to
 "Deputy City Manager."
 Purchasing Card (P-Card) Policy (10/13/25)
 The revisions to the policy clarify the following:
 • Who is eligible to hold cards, purchase limits, and enforcement;
 • All cardholders must sign an agreement before card issuance;
 • The oversight process with transaction and monthly limits, and penalties for misuse.
 • List of authorized vs. prohibited purchases, with clearer restrictions on IT equipment,
 capital purchases, and personal expenses.
 Fund Balance Year-End Classification Policy (10/20/25)
 The revisions to the policy include removing inactive funds and adding in newer funds along
 with the associated description and assignment of fund balance.

 M/Peterson, S/Busse to acknowledge the City's Financial Management Policies document as it
 appears on the City's Finance Department webpage, last updated October 20, 2025.
 Motion carried: 6-0.

Item 3.7 M/Peterson, S/Busse to approve the Bloomington Sun-Current as the Port Authority's official
Appointment of Official Newspaper legal newspaper for 2026.
 Motion carried: 6-0.


Item 3.8 On October 21, 2025, the board authorized the Administrator and President to enter into
Approve Appointment of General professional services agreements with Kennedy and Graven for General Counsel and Kutak
Counsel and Special Counsel Rock for Special Counsel to the Port Authority.
 In June 2025, the Port's long-term legal counsel Julie Eddington changed law firms, which
 necessitated an interim agreement and the issuance of a Request for Proposals (RFP) to select
 new legal counsel. The HRA and Port issued the RFP jointly and received 7 proposals. Based
 on a combination of cost, experience, and references, Kennedy & Graven as General Counsel
 and Kutak Rock as Special Counsel were recommended for selection.
 The Port Authority Board of Commissioners approved the execution of a General Counsel
 agreement with Kennedy & Graven and a Special Counsel agreement Kutak Rock LLP as the
 Port's legal counsel through December 31, 2026. Each agreement has an option to renew for
 up to five total years, with annual renewals required.
 The board is asked to reaffirm Kennedy & Graven as the Port Authority's General Counsel and
 Kutak Rock as the Port Authority's Special Counsel for 2026.
 It is expected that general counsel services for Bloomington will be performed by Rachel
 Tierney.
 M/Peterson, S/Busse to reaffirm Kennedy & Graven as the Port Authority’s General Counsel.
 M/Peterson, S/Busse to reaffirm Kutak Rock as the Port Authority’s Special Counsel.
 Motions carried: 6-0.

NEW BUSINESS Knase presented a detailed staff report discussing modification of TIF financing plan for
Item 4.1 District No. 1K. The presentation and discussion begins at minute 7:35 of the meeting video.
American Square TIF Plan M/Lunz, S/Nelson to adopt resolution No. 01- BPA- 2026, modifying the Tax Increment
Amendment Financing Plan for Tax Increment Financing District No. 1K.
 Motion carried: 7-0.




Port Authority Approved Minutes February 17, 2026 meeting
Item 4.2 Wolff presented information on the small business assistance grant program. The
Small Business Assistance Program presentation begins at minute 27:20 of the meeting video.
 Port Authority staff are seeking approval to allocate up to $400,000 from the Port Authority
 General Fund for the accelerated creation and deployment of a small business assistance
 grant program, and authorization to enter into partner agreements for the administration of
 such a program.
 Background
 From December 2025 through February 2026, federal immigration actions within Minnesota
 have negatively impacted small business operations in the region, resulting in reduced
 revenues and ability for business owners to pay operational expenses. Port Authority staff
 are seeking accelerated approval to build a program that can be rapidly deployed to help
 Bloomington small businesses respond to these hardships and avoid permanent closure.
 Funding Source
 On November 18, 2025, the Port Authority Board of Commissioners approved $570,000 for
 direct business assistance programs (grants and loans) as part of its 2026 budget. The 2026
 budget approval anticipated allocation of the $570,000 across several planned programs but
 also allowed for flexibility should economic conditions demand that programs be adjusted.
 Staff are seeking the Port Authority Commission’s authorization to use up to $400,000 of
 those funds for current immediate economic relief.
 Program Partner
 The Port Authority intends to partner with Bloomington-based non-profit NextStage for
 designing and deploying an initial $200,000 grant program. NextStage is currently a
 contracted partner of the Port Authority through an agreement with Hennepin County and
 provides business advising services and technical assistance to Bloomington businesses.
 NextStage currently administers lending programs on behalf of the State of Minnesota, Scott
 County, and Hennepin County.
 Program Parameters
 The program will provide funds to assist Bloomington-based small businesses that have been
 negatively impacted by recent federal immigration actions in Minnesota, with the goal of
 preventing permanent closures. Examples of impacts might include lost revenue due to
 staffing challenges, reduced customer traffic, or unplanned temporary closures. The program
 is likely to cover rent or mortgage payments but may consider other assistance. Any
 application for funding through this grant program would require a brief underwriting process
 by NextStage, similar to the City’s 2020 pandemic relief programs. Eligible applicants will be
 awarded a one-time grant up to $10,000 per business.
 Following the initial $200,000 grant fund cycle, Port Authority staff will assess
 whether additional funds should be dedicated to this program or if other programs are
 needed.

 M/Busse, S/Nelson to adopt Resolution NO. 02- BPA-26 approving the Small Business
 Assistance Grant Program.
 Motion carried: 7-0.

ORGANIZATIONAL BUSINESS Treasury Manager Mary Kay Heinen presented information regarding financials and budget
Item 5.1 adjustments. Presentation link: Presentation
Preliminary Year End Financials and
Budget Adjustments M/Peterson, S/Nelson to approve 2025 and 2026 budget adjustments for the Port Authority’s
 General Fund.
 Motion carried: 7-0



Port Authority Approved Minutes February 17, 2026 meeting
Item 5.2 Masek presented a summary of the 2026 Port Authority Work Plan which will guide allocation
Port Authority 2026 Workplan of staff time and resources, and be responsive to market conditions. The presentation begins
 at minute 1:05:36 of meeting video.
 M/Nelson, S/Busse to approve the 2026 Port Authority Work Plan.
 Motion carried: 7-0.

ADMINISTRATOR UPDATES • The next CEO Roundtable is on March 26. Mayor Busses hosts this event attended
Item 6.1 by CEOs of large businesses.
Administrator Updates • There is a concurrent meeting on March 10 with City Council, HRA, Planning,
 Sustainability and the Port Authority. Topics will include the Opportunity Housing
 Ordinance Nexus Study and the Comprehensive Plan.
 • Ribbon-cutting on March 24 at the Rosalyn: 700 American Blvd. E.
 • The Hatch program launch will be delayed while we work with the more pressing
 issues assisting existing small businesses.
 • The 2026 State of the City is March 12 from 11am-1pm at the Sheraton
 Bloomington Hotel, 5601 W 78th St.
 • During Masek’s leave, Kevin Knase will be leading Port Commission meetings and
 serving as liaison to the City Council, Kim Berggren will be Acting Port
 Administrator, Barb Wolff will be representing the Port at internal meetings: SMT,
 CDMT, and Alejandra Pelinka will be conducting staff meetings.


ADJOURNMENT The meeting was adjourned by President Erickson at 6:37pm.




Port Authority Approved Minutes February 17, 2026 meeting
 APPROVED MINUTES
City Council/HRA/Planning/Sustainability/Port Authority
Date: 3/10/2026
Time: 6:30 p.m.
Location: Council Chambers / Webex Virtual Meeting
Address: 1800 W. Old Shakopee Rd. Bloomington, MN 55431

Members Present: Commissioners, Board Members and Councilmembers representing City Council,
Housing and Redevelopment Authority (HRA), Sustainability Commission, Planning Commission and Port
Authority

Guest Speaker: Shaun Bourgeois, Daedalus Advisory Services; Sherry Okun-Rudnak, BAE Urban
Economics

Staff: Dakota Kastenday; Kathy Hedin; Kenny Niemeyer; Kevin Knase; Maricruz Hernandez; Melissa
Manderschied; Mike Palermo; Nick Johnson; Sarah Abe; Zach Walker; and other staff.

Mayor Busse called the meeting to order at 6:33 p.m. A quorum is present for the City Council, HRA,
and Port Authority.
1. ORGANIZATIONAL BUSINESS

1.1 Housing Nexus Study – Opportunity Housing Ordinance.
 Kenny Niemeyer, Housing Development Specialist, introduced the item. Study consultants Shaun Bourgeois,
 President of Daedalus Advisory Services, and Sherry Okun-Rudnak, Principal at BAE Urban Economics,
 presented on the Housing Nexus Study and the Opportunity Housing Ordinance.

 The City adopted the Opportunity Housing Ordinance (OHO) in 2019 to expand housing affordability for
 households across a range of income levels. Production and preservation goals for affordable multifamily
 housing are outlined in the City’s Comprehensive Plan 2040, the Metropolitan Council’s Allocation of
 Affordable Housing Need for 2021–2030, and citywide initiatives, including Bloomington. Tomorrow.
 Together.

 The presentation from the consultants and staff provided an overview of current housing market conditions
 and demographic shifts, and concluded with recommended amendments to the Opportunity Housing
 Ordinance to better advance the City’s goals around affordable housing.
 The Mayor opened the item for questions and discussion. Discussion began at 45:53 in the meeting video.

1.2 Bloomington 2050 Comprehensive Plan Update
 Dakota Kastenday, Planning Supervisor, presented on Bloomington 2050, the City’s next Comprehensive
 Plan update. Bloomington 2050 is a long-term plan with a 20-year horizon that outlines the vision and
 strategy for future growth and change in the City. The Comprehensive Plan will establish a future land use
 map and includes the community’s goals, strategies, and actions related to land use, housing,
 transportation, community infrastructure, community facilities, and parks.




3/10/2026 1
 APPROVED MINUTES
 New to the 2050 Comprehensive Plan cycle is additional focus on economic development, climate
 adaptation and mitigation, community health, and natural systems planning. The PowerPoint presentation
 begins at 1:11:52 in the meeting video, and discussion began at 1:33:26.

1.3 City Manager Performance Evaluation Report
 The Mayor provided an update on the City Manager performance evaluation report. On Monday, March 9,
 the City Council met in closed session to conduct the four-month performance review of City Manager Zach
 Walker. The review evaluated Mr. Walker’s performance across eight categories: transition and onboarding
 effectiveness; relationship with the City Council and governance partners; leadership style and
 organizational culture; strategic alignment and early execution; financial stewardship and organizational
 readiness; communications and community engagement; equity, inclusion, and values alignment; and
 progress on key challenges.

 Each Councilmember independently rated Mr. Walker in each category and provided feedback on key
 strengths and areas for growth. The Council collectively determined that Mr. Walker’s performance over the
 past four months fully meets expectations for the initial review.
ADJORNMENT: MEETING ADJOURNED AT 8:28 PM

Motion to adjourn: Motion by Busse, seconded by Robertson, and all present Councilmembers to adjourn the
March 10, 2026, City Council/HRA/Planning/Sustainability/Port Authority board meeting at 8:28 pm. Motion
passed.




3/10/2026 2