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Mounds View Planning Commission January 19, 2005 Regular Meeting Page 4 ________________________________________________________________________ Director Ericson stated that that was not quite correct, that there would be taxes paid. He stated that how they would finance the development or help address their costs would be to create a TIF District. He stated that Medtronic would pay all the taxes that would be due were it not in the District. He stated that part of that would be captured, and the City could provide that back to the developer, keep part of it, and part of that goes back to the General Fund. He stated that Medtronic would always be paying taxes. Commissioner Zwirn asked if Medtronic had made statements during negotiations that they were asking for assistance, and they had asked for a rebate of 90, 95 percent of that tax base. He asked if the City of Mounds View would still get that 5 percent increase, but 95 percent of it would be waived or put back into construction costs. Director Ericson stated that the TIF advisors and financial advisors are running some numbers for them so that they know what they are asking for and what impact it has on the development. He stated that there were a number of scenarios on the table, and while nothing has been determined, it is likely that there will be tax increment financing assistance. He stated that the base value and the value of the project will depend in part on how the County assesses both. He stated that the County has a vested interest in maximizing the potential because they get a portion of the tax bill, as does the school district. Chair Stevenson stated that he was starting to agree with the Office designation, but that he was a little confused on where they were going with this Comprehensive Plan Amendment regarding the light industrial. Director Ericson stated that the reason why the site was zoned light industrial is that there weren’t a lot of choices for zoning. He stated that offices are an allowed use within an industrial setting. Commissioner Zwirn stated he had heard the words “campus” and “training facility” used. He asked whether Medtronic was going to be using this property as light industrial and whether there would be shipping and receiving, or just exactly what was going to be taking place. Director Ericson stated that it was his understanding that there would be little to no manufacturing, and that it would be strictly office space with minimal shipping and receiving. He stated there would be minor research lab areas and development areas. Chair Stevenson asked if research and development and labs were allowed in an OFC, and Director Ericson responded that they were. Commissioner Zwirn asked if the light industrial PUD designation would afford Medtronic more flexibility for any plans that they may have. Director Ericson stated that such a designation would not afford the end user any additional flexibility. He stated that the designation is a guide, and it’s meant to be somewhat broad. He stated that this property was already rezoned back in 2003, and now they are going to make a