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Medtronic Review September 21, 2005 Page 11 (2) The geographical area involved. The area is located north of Highway 10 and west of Interstate 35W, effectively detached from the rest of the community. A 46-acre wooded natural area is adjacent to the site to the west with developed industrial uses to the north. Nearly sixteen acres of the project area are in the City of Blaine, the rezoning action being considered would not extend into Blaine as Mounds View does not have zoning jurisdiction in other communities. (3) Whether such use will tend to or actually depreciate the area in which it is proposed. The current Ramsey County assessed valuation for the project area is set at $7.5 million. Currently the site generates no taxes and does not contribute to County and school district tax collections. After the sale of land, the area would immediately become taxable and it is anticipated the County will establish a valuation in excess of current levels. Taxes would be payable to all taxing jurisdictions on the base value of the land. After the first phase of the project has been constructed, taxes would be paid on the value of the land and the improvements, the value of which will likely exceed $75,000,000. While it is true that Medtronic would receive TIF payments to reimburse them for eligible project costs, the state of Minnesota and the school district will benefit. If the state and the school district benefits, so too does Mounds View. Finally, the new value of the Medtronic project would be figured in to any current and future school district bond levies which will result in lower tax payments to all other property owners. For these and other reasons, the rezoning will not depreciate the area in which it is proposed. (4) The character of the surrounding area. The surrounding area is predominately industrial, with industrial buildings, industrial uses, offices and other accessory industrial features such as outdoor heavy equipment parking and storage, loading docks, shipping and receiving terminals bordered by freeways and a busy county road. The proposed rezoning will allow for a corporate office campus associated with the largest division of Medtronic, its Cardiac Rhythm Management division. (5) The demonstrated need for such use. The need has been demonstrated by more than a year of discussions and negotiations between the City and Medtronic, discussions and negotiations between the City and the legislature, between the City and various state agencies and has been expressed in a year of discussion and cooperation between the City and the counties or Ramsey and Anoka, and the cities of Blaine and Shoreview, all of who are supportive of this project. Finally, the need was articulated in resolution and ordinance format by the Mounds View City Council.