Agenda Packets - 2005/01/10 - Laserfiche WebLink

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Mounds View City Council December 6, 2004 Regular Meeting Page 12 research and development, which is approximately 50% of their revenues. He stated it would 1 consist of a combination of new employees and shifting of others. 2 3 Mr. Backman stated that assuming that the City and Medtronics come to terms, and the State 4 comes to agreement on funding, Medtronics would like to start moving dirt in September of 5 2005, which is a very aggressive build schedule. He indicated that Staff is working on a draft 6 letter of intent. He added that Thursday there is a meeting at the governor’s office of 30 to 35 7 people who will be talking about this project. He stated the intent of the meeting is to discuss 8 issues of this project, which tells him the governor’s office is serious about committing to this 9 project. 10 11 Mayor Linke asked what Mounds View gets from the deal. He asked if Medtronics is looking for 12 TIF, or if they have given the city an offer. 13 14 Finance Director Hansen indicated those issues are still being discussed, but the offer will be 15 about $8 ½ million. 16 17 Mayor Linke asked if they are willing to keep the billboards up and let the City keep the revenue. 18 19 Finance Director Hansen stated that has been discussed and they may be willing to let some of 20 them remain. 21 22 Mayor Linke indicated all these meetings are being held and everyone is decided things around 23 the City. He stated the Council does not have enough information to know if this is a good thing 24 for the City, and if Medtronics takes TIF the City gets nothing until the TIF period is over. 25 26 City Clerk/Administrator Ulrich stated the Mayor raises a key question, and the City has to 27 determine what the benefit will be. He indicated this City Council has not acted on this and will 28 not act in favor of this project unless it is good for the city. He stated it is a complicated 29 equation, and Staff needs to find out what the State is willing to offer Mounds View. He 30 indicated that Medtronics has asked for TIF, but there are a lot of ways to structure it. He stated 31 that the City Council is the one that will have the final say on whether this is a good thing for 32 Mounds View. 33 34 Mayor Linke stated he is concerned this is going too fast and decisions will be made before the 35 Council can react. 36 37 Council Member Quick indicated this Council has the right to say aye or nay at any time. 38 39 Mayor Linke indicated he does not want to be in a position where too much has happened to back 40 off. He stated if it is good for the city he is all for it, but the Council does not have the 41 information to make that decision. 42 43 Council Member Stigney stated Staff has to gather that information and that is what they are 44 trying to do. 45