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Mounds View EDA May 9, 2005 Regular Meeting Page 3 City Administrator Ulrich stated that Steve Mahle and Rodger McCombss, representatives from 88 Medtronic, are present this evening to provide the Commission and the Residents of Mounds 89 View with a presentation. He stated that due to time constraints the discussion on tax increment 90 financing would be discussed at a future meeting. 91 92 Steve Mahle, Executive Vice President, Medtronic, President of Cardiac Management Division, 93 stated that he has been employed with Medtronic for the past 33 years. He provided the 94 Commission with an overview and history of Medtronic and the cardiac management business. 95 He explained what it means to Medtronic to be a good neighbor and provided an overview of 96 Medtronic’s mission statement. He stated that the Cardiac Rhythm Management is the largest 97 part of the company and is the best known due to its’ history with pacemakers. He 98 acknowledged the question regarding their need for expansion stating that they believe, in spite 99 of the technological advances over the years, that there are still an enormous number of patients 100 to be treated, which means they need more people, which requires more space. He reviewed the 101 Company growth rate noting that Medtronic has been deeply rooted in the northern suburbs for a 102 long time and would like to remain here. He stated that Medtronic has approximately 1,755 103 employees currently living in the northern suburbs with an overall 25-percent from the Mounds 104 View area. 105 106 Mr. Mahle stated that Medtronic currently operates a distribution center in the City and their plan 107 is to build one of the largest facilities Medtronic has anywhere in world. He stated that the 60-108 acre site would fit their needs noting that Mounds View is centrally located with access points 109 from both 35W and Highway 10. He stated that this is the area want to stay in and plan to grow 110 in. He noted the discussions around Mounds View and the community’s assets stating that it is 111 their hope that Medtronic would be considered a community asset. He stated that upfront the 112 City would get $8.65 million for the land sale with $250 million of investment activity in 113 construction and capital purchases, with $79 million projected in property taxes over the next 25-114 years. He acknowledged the reality of TIF stating that they would receive .34 cents spent on the 115 dollar and the City would receive .66 cents. He assured the Commission of Medtronic’s 116 commitment to the community noting that they are more than a community property tax resource. 117 He reviewed Medtronic’s mission statement, written by Earl Bakken, stating that they have a 118 responsibility to be faithful to the communities that they live in. He stated that he is very proud 119 of the community work Medtronic does noting that Medtronic has been blessed to be successful 120 in their business and in turn Medtronic likes to share their success with the community. 121 122 Mr. Mahle stated that in the coming year Medtronic’s total giving would be approximately $45 123 million through the donations of life saving products and through cash donations for various 124 grants. He indicated that Medtronic has been voted one of the top donors in the country noting 125 that in Minnesota Medtronic’s investments include $1 million a year for hands-on science 126 education and $1.5 million a year for health care services, and $4 million to the Greater Twin 127 Cities United Way. He stated that Medtronic also donates to the Minnesota Zoo and the 128 Minnesota Orchestra. He stated that over the past twelve years Medtronic has invested $105,000 129