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Mounds View EDA February 13, 2006 Regular Meeting Page 3 based companies with the highest levels of research and development expenditures are 3M with 88 $1.18 billion and Medtronic with $1.14 billion. He noted that a significant portion of 89 Medtronic’s research and development will take place in Mounds View. He noted Medtronic 90 fosters technical breakthroughs and plans for the long term, and Mounds View has the 91 opportunity to be a partner in that. 92 93 Economic Development Coordinator Backman stated that the benefit to Medtronic is that 94 innovation happens when people are brought together with different disciplines. He explained 95 this will result in better communication flow and increased efficiency. He added another benefit 96 is a better working environment, faster response to customers and more cost effective products. 97 98 Economic Development Coordinator Backman explained how the City will benefit from the 99 project. He stated it will provide the City with certainty as to what will be built on site and when 100 it will be build. He commented by moving up Phase 2, this part of the campus will be on the tax 101 rolls five to six years earlier. He stated it also provides the City with an additional commercial 102 building with over $30 million of capital investment. Economic Development Coordinator 103 Backman added the combined Phase 1 and Phase 2 increases the City’s market value, expands 104 the number of high paying jobs to approximately 1,400 over time, and saves the City potentially 105 $2.7 million in utility costs, billboard buyouts and relocation costs. He stated it provides 106 $545,000 to upgrade Well Number 4 to ensure adequate water supply for the City, and provides 107 $255,000 for street reconstruction projects to offset potential traffic impacts. He added it 108 provides an estimated $40,000 in annual franchise fees. 109 110 Economic Development Coordinator Backman explained that the community will benefit by this 111 project as well, such as providing the Mounds View school district with over $30 million for 112 referendums. 113 114 Economic Development Coordinator Backman noted that by having thousands of people with 115 jobs in Mounds View, it is likely that a portion of the workforce will buy products and services in 116 the community. He stated there is likely to be an increased number of residents in Mounds View, 117 and this skilled work force may become involved in the City and in the schools. 118 119 Economic Development Coordinator Backman stated the amended TIF plan represents the spirit 120 of collaboration between the City and Medtronic. He stated it reflects the City’s efforts to 121 promote thoughtful and planned business development. He stated Medtronic is committed long 122 term to Mounds View to make the development a world class facility. 123 124 MOTION/SECOND: GUNN/STIGNEY. To waive the reading and adopt Resolution 06EDA-125 215 Modification to the Project Plan for the Mounds View Economic Development Project and 126 the Proposed Modification of Tax Increment Financing District No. 5. 127 128 Vice-President Stigney welcomed Medtronic to the City and added the project will be a benefit to 129