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Mounds View EDA April 11, 2005 <br />Regular Meeting Page 2 <br /> <br />meeting. <br /> <br />Economic Development Coordinator Bachman informed that last year the Mounds View City <br />Council considered various alternatives to operating the golf course as is, and one option <br />included the sale and redevelopment of the site. He stated that the Council’s priority was to <br />enhance the City’s financial position, and the debt associated with the golf course is about $4. <br />He stated that Medtronics has indicated they would like to build a new Cardiac Rhythm <br />Management Campus, and that the first phase involves the construction of 820,000 square feet of <br />office space in several buildings. He stated that the City Council authorized staff to pursue <br />various actions, including commitment research, wetland delineation study, commercial <br />appraisal, boundary and topographic surveys, and alternative urban area-wide review process, <br />and a comprehensive plan amendment. He indicated the sale price of the property is $8.65 <br />million, which excludes park dedication and other customary fees. He stated that the reverter <br />clause legislation was introduced as passed the Senate and is working its way through the House. <br />As part of the legislative process, a payment to the Minnesota Trunk Highway Trust Fund has <br />been negotiated with Medtronic agreeing to contribute $1 on behalf of the City. He stated that <br />Tax Increment Financing legislation for the project has passed the Senate and awaits House <br />action. He stated it is projected that increment generated would result in total payments to <br />Medtronic of between $14 and $15 million over 25 years for eligible development costs. <br />This is only 34 percent of the property taxes Medtronic will pay; the rest goes to the state. <br />He stated that negotiations will continue with Clear Channel regarding the removal and <br />relocation of some or all of the billboards. He stated that a traffic impact study reviewing traffic <br />information costs and capacity analysis for the proposed Medtronic development was completed. <br /> Phase 1 development is projected to generate 8,300 vehicle trips a day onto County Road J. <br />Ramsey County will be taking the lead in the road improvements and is currently preparing an <br />RFP for design work. He stated that Governor Pawlenty signed the state bonding bill this <br />afternoon, and appropriations are in the bill to provide funds to improve County Road J and other <br />roads impacted by Medtronic and other developments in Blaine and Shoreview. He stated that <br />the Mounds View EDC supports the redevelopment of the Bridges and ranks the Medtronic <br />campus as the number one economic development priority, the reason being that private industry <br />represents the engine of economic development. Business creates services, products, income, <br />employment, and tax base. He stated that Medtronic is a solid business, and last year its sales <br />grew 16 percent. He stated the office complex would be Medtronic’s largest in the world, and it <br />would pay its employees an average of $70,000 per year for high quality jobs. He stated that the <br />City’s proposed assistance as outlined in the handout is commensurate with Medtronic’s capital <br />investment, job creation and wages. <br /> <br />David Etzwiler, Senior Director of Government Affairs for Medtronic, stated that Medtronic is a <br />company providing long life solutions for the treatment of chronic disease. He stated their roots <br />were in the treatment of heart disease, but in the last five to six years the company has <br />significantly diversified. He stated that Medtronic has 33,000 employees world-wide and does <br />business in 120 different countries. He stated there are approximately 6,800 employees in