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Item No. 8A <br />Meeting Date: January 9, 2006 <br />Type of Business: EDA <br />WK: Work Session; PH: Public Hearing; <br />CA: Consent Agenda; EDA: EDA Business <br />Administrator Review: _____ <br /> <br />City of Mounds View Staff Report <br />To: Mounds View Economic Development Authority <br />From: Aaron Backman, Economic Development Coordinator <br />Item Title/Subject: Report regarding Phase Two Acceleration of the <br />Medtronic CRM Campus; and Discussion of the <br />Medtronic Development Proposal and Terms of the <br />Amended Contract for Private Development <br /> <br /> <br />Background: <br /> <br />As the Mounds View Economic Development Authority (EDA) commissioners are <br />aware, the City Council approved the General Concept Plan for the new <br />Medtronic campus and the establishment of the new TIF District No. 5 on August <br />22, 2005. The Purchase and Development Agreement between Medtronic and <br />the City was signed on August 31, 2005. The financial closing on the sale of the <br />Bridges Golf Course to Medtronic was completed on October 24, 2005. <br />Subsequent to the land sale, a public auction of golf course assets was held on <br />November 9th and on November 14th the Mounds View City Council approved the <br />Medtronic Cardiac Rhythm Management (CRM) Campus Final Plat, the rezoning <br />to Office PUD, and called for the redemption of all outstanding golf course <br />revenue bonds. On December 7, 2005, the Medtronic Groundbreaking <br />Ceremony was held. The following week grading activities began on the former <br />golf course site. <br /> <br />Discussion: <br /> <br />During November Medtronic notified staff that they were interested in discussing <br />the potential to accelerate Phase 2 construction of the CRM headquarters. The <br />company indicated in writing that it would be time and cost effective to build <br />Phase 1 and 2 concurrently. On November 28th, the Mounds View City Council <br />directed staff to proceed with discussions with Medtronic regarding the potential <br />acceleration of Phase 2 Construction of the campus. On December 12, 2005, <br />the City Council approved setting a Public Hearing for February 13, 2006 to <br />discuss modification of the TIF plan and the business subsidy necessary for <br />acceleration of Phase 2 to be concurrent with Phase 1. <br />