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Ehlers & Associates, Inc. City of Mounds View Modification of Tax Increment Financing District No. 5 Overview The following summary contains an overview of the basic elements of the Planning Commission regarding the Modification of the Tax Increment Financing Plan for Tax Increment Financing District No. 5. More detailed information can be found in the complete TIF Plan. Proposed action: Review the Modification to determine conformity with the general plans for the development and redevelopment of the City as described in the comprehensive plan for the City. Generally, the substantive changes include the construction of Phase II which is being considered to be complete with Phase I of the Project. Parcel Numbers: No changes to the District boundary are being made with this modification. Proposed Development: The Plan is being modified to facilitate development of Phases I and II of a business campus for Medtronic, which includes approximately 1,200,000 s.f. of office space in the City of Mounds View. The original Plan proposed, after all Phases, the potential for a 1.5 million square foot campus in Mounds View that is designed for up to 6,000+ employees. The company envisions a 72-acre campus, surrounded by various walking/biking paths, ponds, natural wetlands and trees. Phase I of the project included the construction of a building complex totaling 820,000 sq. ft. of office space. The Phase I complex would be designed for approximately 3,300 employees, with surface parking for about 3,400 vehicles. Potential later phases of the project would likely include construction of two more buildings totaling 680,000 sq. ft of office space. The Phase II/III complex could be designed for about 2,700 employees. Later phases are projected to be completed in 2012 and 2017 respectively and may involve structured and surface parking for vehicles. Due to various market conditions, Medtronic, Inc. has decided to proceed with Phase II of the anticipated project. Phase II consists of the construction of an additional 380,000 sq. ft. of office space. The total project, therefore, will consist of 1,200,000 sq. ft. of office space. In addition, the surface parking plan is being replaced with a 4,200 vehicle parking ramp. The Phase II complex would be designed for approximately 1,400 employees bringing the potential employees in the Mounds View campus to 4,700.