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Mounds View EDA January 9, 2006 Regular Meeting Page 3 Medtronic would reimburse the City for administrative costs associated with the amended agreements. Medtronic would be responsible to construct water and sewer utilities to the site that was previously the City’s responsibility. Medtronic would pay 100% of the cost to relocate all four billboards, including the previously agreed City’s portion. If the buyout alternative has to be undertaken for the billboards, Medtronic would pay all costs associated with the four signs. Medtronic would consider financially participating in providing additional infrastructure for the City. Economic Development Coordinator Backman stated that examples include construction of a portion of a sound wall along Highway 10 by the Laport Meadows residential area, replacement of Well #4, or utility costs that exceed the $400,000 estimate. If trail costs on the former Sysco property are deemed excessive by the City, Mounds View would not be required to construct the trail and the designated funds would remain for other park uses. If Medtronic wants the trail constructed, Medtronic would pay for the trail costs in excess of $150,000 allocated from the park dedication fee. The City would pay the $150,000 and Medtronic would pay the sum above that. Economic Development Coordinator Backman emphasized that these items are not final accepted terms from either Medtronic or the City. They represent the best information that staff has at the present time. Staff is looking for guidance regarding the Phase 2 acceleration of the Medtronic CRM Campus. He advised that Ehlers is preparing additional financial analysis that will be presented at future EDA meetings. If the proposed terms meet the expectations of the EDA, and are approved by Medtronic, the next step would be to incorporate the new terms into an amended development agreement. Commissioner Flaherty asked if Medtronic would be willing to help with the City in starting the street projects. Economic Development Coordinator Backman stated the negotiating team of Ehlers and Medtronic representatives are reviewing issues and the EDA can certainly make suggestions as to what they feel are important items that should be looked at. He stated it is his sense that if the item is considered, there should be some connection with the Medtronic campus project. The tie-in with Well #4 is that the City needs to assure an adequate water supply. The City has that in Phase 1 but adding a larger project by accelerating Phase 2 moves up the timetable for consideration of Well #4. That is the suggestion of Public Works Director Lee because it is something the City needs to consider. Economic Development Coordinator Backman explained that with the sound wall, the tie-in to Medtronic is consideration of the additional traffic to Highway 10 and County Road J. City Administrator Ulrich stated that can be considered for negotiation but there is a limited number of dollars. The City is currently in a negotiation phase with Medtronic and staff would like EDA direction on the most important points to consider. City Administrator Ulrich explained that Medtronic did not feel the noise wall had enough community benefit so maybe they would consider putting money into the road fund, as they are doing with Well #4.