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Mounds View Planning Commission February 1, 2006 Regular Meeting Page 10 ________________________________________________________________________ consistent with special legislation adopted by the 2005 Minnesota Legislature. He stated that the development agreement entered into by and between the Economic Development Authority and Medtronic provided $14.8 million dollars of assistance to Medtronic to construct the first phase of a three phase development which would consist of 1.5 million square feet of office space at full build out. He indicated that the amended agreement would provide for a maximum $22.9 million dollars of assistance. Community Development Director Ericson advised that Minnesota Statutes require that a city’s planning agency review all modifications to existing TIF Project Plans to determine consistency with the municipality’s Comprehensive Plan. He stated this requirement is similar to the requirement whereby the planning agency reports on the consistency of new TIF Districts with the Comprehensive Plan. Community Development Director Ericson indicated that in terms of what the Commission is reviewing, it must make a determination as to whether the modification is consistent with the Comprehensive Plan. He stated that in other words, it’s the development for which the modification is predicated consistent with the Comprehensive Plan. He noted that the Comprehensive Plan was amended last year by changing the Future Land Use designation of the Medtronic site to “Office”. He stated this amendment was approved at the same time that a rezoning was approved for the Medtronic CRM development which authorized 1.5 million square feet of office space and other accessory, ancillary uses. Community Development Director Ericson stated that at the direction of the EDA, Ehler’s and Associates prepared the financial analysis for the project modification, which is attached to the report for the Commission to review. He indicated this document is essentially the same as what the Commission reviewed last year as approved by the EDA on August 22, 2005. He stated that the summary of the changes was to the square footage, and where the Plan said $14.8 million in TIF, it now says $22.9 million. Community Development Director Ericson noted that $8.1 million in TIF is being added for Phase II, however there may be some adjustments to that figure. He indicated that Medtronic would cover the costs to bring Well #4 back on-line, and relocate some of the billboards. He stated that should the four billboards not be able to be relocated within the city, Medtronic would be on the hook to buy out those leases. He noted that Mounds View does not approve the location of the billboards; that approval is up to Mn/Dot. Community Development Director Ericson stated that the language changes are bolded, and followed by ‘as modified 2-13-2006’. He reviewed the changes through the document. He noted that the office building has been approved by the city, and the modification is to support Phase II, which has also been approved. He indicated that the work being undertaken on County Road J also would support this project. Community Development Director Ericson noted that Aaron Backman is here to answer questions, as is Shelley Ehler’s from Ehler’s and Associates. He stated that staff is requesting that the resolution submitted be approved.