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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 88 agreements. Medtronic would be responsible to construct water and sewer utilities to the site that 89 was previously the City’s responsibility. Medtronic would pay 100% of the cost to relocate all 90 four billboards, including the previously agreed City’s portion. If the buyout alternative has to be 91 undertaken for the billboards, Medtronic would pay all costs associated with the four signs. 92 Medtronic would consider financially participating in providing additional infrastructure for the 93 City. Economic Development Coordinator Backman stated that examples include construction 94 of a portion of a sound wall along Highway 10 by the Laport Meadows residential area, 95 replacement of Well #4, or utility costs that exceed the $400,000 estimate. If trail costs on the 96 former Sysco property are deemed excessive by the City, Mounds View would not be required to 97 construct the trail and the designated funds would remain for other park uses. If Medtronic wants 98 the trail constructed, Medtronic would pay for the trail costs in excess of $150,000 allocated from 99 the park dedication fee. The City would pay the $150,000 and Medtronic would pay the sum 100 above that. 101 102 Economic Development Coordinator Backman emphasized that these items are not final 103 accepted terms from either Medtronic or the City. They represent the best information that staff 104 has at the present time. Staff is looking for guidance regarding the Phase 2 acceleration of the 105 Medtronic CRM Campus. He advised that Ehlers is preparing additional financial analysis that 106 will be presented at future EDA meetings. If the proposed terms meet the expectations of the 107 EDA, and are approved by Medtronic, the next step would be to incorporate the new terms into 108 an amended development agreement. 109 110 Commissioner Flaherty asked if Medtronic would be willing to help with the City in starting the 111 street projects. Economic Development Coordinator Backman stated the negotiating team of 112 Ehlers and Medtronic representatives are reviewing issues and the EDA can certainly make 113 suggestions as to what they feel are important items that should be looked at. He stated it is his 114 sense that if the item is considered, there should be some connection with the Medtronic campus 115 project. The tie-in with Well #4 is that the City needs to assure an adequate water supply. The 116 City has that in Phase 1 but adding a larger project by accelerating Phase 2 moves up the 117 timetable for consideration of Well #4. That is the suggestion of Public Works Director Lee 118 because it is something the City needs to consider. Economic Development Coordinator 119 Backman explained that with the sound wall, the tie-in to Medtronic is consideration of the 120 additional traffic to Highway 10 and County Road J. 121 122 City Administrator Ulrich stated that can be considered for negotiation but there is a limited 123 number of dollars. The City is currently in a negotiation phase with Medtronic and staff would 124 like EDA direction on the most important points to consider. 125 126 City Administrator Ulrich explained that Medtronic did not feel the noise wall had enough 127 community benefit so maybe they would consider putting money into the road fund, as they are 128 doing with Well #4. 129