A long-planned waterpark at the Mall of America in Bloomington is closer to becoming a reality.

A financing agreement is in progress for Mystery Cove, a $375 million indoor waterpark, which is in line to receive $160 million in tax-increment financing (TIF) from the city.

Finance & Commerce reports that MOA and Bloomington officials met last week to review the plan, with mall owner Triple 5 saying it has recently secured “significant loan guarantees" for the project. That includes a $120 million loan from Infinite Global Real Estate Partners and a $133 million C-PACE loan administered by the Saint Paul Port Authority.

“The regional public investment carries much less risk now than it did a year-and-a-half ago because of this $100 million-plus guarantees that are sitting in front of the

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