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Mounds View EDA January 23, 2006 Regular Meeting Page 7 half of 2005 TIF developer payment. He noted there are three payments due in February: a 256 residual amount for Building N of $3,066.17; Silver Lake Pointe of $34,078.73; and Midwest 257 I.V. of $27,423. He noted it should be final payments for Building N and Midwest IV. 258 259 MOTION/SECOND: Thomas/Stigney. To waive the reading and adopt Resolution 06-EDA-214 260 Authorizing Payment of Pay-As-You-Go Developer Payments to Red Cent Management, L.L.C; 261 Heartland-Mounds View Common Bond; and Bridges Leasing Company. 262 263 Ayes –4 Nays – 0 Motion carried. 264 265 B. Informational Meeting regarding Phase Two Acceleration of the Medtronic 266 Campus; and Presentation and Discussion of the Medtronic Development 267 Proposal and Terms of the Amended Contract for Private Development 268 269 Economic Development Coordinator Backman reviewed that the project costs for Medtronic, as 270 they are currently configured, total over $125 million, including $65.5 million for building 271 construction, $11 million for land acquisition costs in Mounds View, $24 million for other 272 development costs, such as parking, land acquisition in Blaine, etc., and $25 million for 273 computers, lab equipment and furnishings. That is $125 million of investment that Medtronic is 274 making. The total also excludes $21+ million in State appropriations for the reconstruction of 275 County Road J and replacement of the bridge over I-35W necessary to provide adequate access to 276 the campus. 277 278 Economic Development Coordinator Backman advised that the new Medtronic CRM campus is 279 beginning to be recognized as one of Minnesota’s most important economic development 280 projects. Recently, the national site selection magazine, Business Facilities, announced that 281 Medtronic’s project in Mounds View received the top economic development award in its 282 category for expansion projects in the United States. He noted they will be coming to Minnesota 283 to award the City a plaque, recognizing that this is a significant project. 284 285 Economic Development Coordinator Backman reviewed that on November 28, 2005, the 286 Mounds View City Council directed staff to proceed with discussions with Medtronic regarding 287 the potential acceleration of Phase 2 construction of the campus. On December 12, 2005, the 288 City Council approved setting a public hearing for February 13, 2006 to discuss modification of 289 the TIF plan and the business subsidy necessary for acceleration of Phase 2 to be concurrent with 290 Phase 1. On January 9, 2006, the Mounds View EDA ranked replacement of Well #4 as the 291 highest priority for City infrastructure needs, followed by payment from Medtronic to the City’s 292 roadway fund. Also, the EDA adopted a motion last Friday unanimously recommending 293 approval of the terms of the amended agreement. 294 295 Economic Development Coordinator Backman explained that by combining Phase 1 and 2, the 296 initial phase of the project would be significantly increased. The number of employees would be 297