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Mounds View EDA February 13, 2006 Regular Meeting Page 5 Roger McCombs, Medtronic, stated that Phase 2 is another extension and will have the same 172 proportion of jobs as Phase 1. 173 174 President Marty stated he thought that 400-700 new jobs were created each year over the past 175 several years. Mr. McCombs responded that 300-350 jobs on average are added in 176 Minneapolis/St. Paul per year. 177 178 President Marty stressed if the TIF was kept at a lower amount, this would be a great boost to the 179 taxpayers and this project would pay off that much sooner. 180 181 Vice-President Stigney stated by accelerating this project, it will increase the project’s value to 182 $96 million for Phase 2. He commented by Phase 1 and 2 occurring at the same time, it is a 183 “win-win” situation for Mounds View. He stated he was thankful for Medtronic coming into the 184 City. 185 186 Commissioner Thomas stated that Medtronic is coming in and is going to adjust their 187 development based on the assistance they are going to get. She stated the City will get less value 188 if it gives less TIF assistance. She stated these are the terms that were discussed and negotiated. 189 She stated she is supporting the development as it is set. 190 191 Commissioner Flaherty stated there was concern if Phase 2 and Phase 3 were going to happen, 192 and TIF levels were not discussed at that time. He stated Medtronic is a company that is 193 negotiating with the City in good faith, and the City is negotiating with Medtronic. He stated that 194 by rolling Phase 1 and Phase 2 into the same time slot as Phase 1, the TIF district will be reduced 195 by five to six years. He stated this is not even mentioning all of the other bonuses the City is 196 getting, such as the repair of Well Number 4 which would have cost the City $445,000 and was 197 something the City needed to do anyway. He added that additional funds are going into the street 198 infrastructure fund. He added he hopes the Medtronic employees will live in the City of Mounds 199 View, as often employees like working close to home. He stated he sees the development as a 200 tremendous benefit to Mounds View. 201 202 Councilmember Gunn stated her support for the development. 203 204 President Marty stated Medtronic is contributing to the streets and has pledged to contribute 205 $355,000. He noted he finds this admirable and recognized that it was not required; however, as 206 stated previously, if this was not in a TIF district, the City would be getting $560,000 per year. 207 He stated the $355,000 is very good but compared to when the district is finally paid off, it will 208 only be a fraction of that. 209 210 Ayes – 4 Nays – 1 (Marty) Motion carried. 211 212 8. REPORTS 213