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Medtronic Review October 5, 2005 Page 11 Rezoning With the general concept plans for the Medtronic Planned Unit Development approved, the City must consider a rezoning of the project area from the existing Light Industrial (I-1) designation to Planned Unit Development (PUD). Typically this is done at the development stage of the PUD process consistent with the final Council approval of the site plans. The City Code requires that the Planning Commission examine potential adverse effects associated with a proposed rezoning by addressing five questions. The questions, along with responses, are as follows: (1) Relationship to Municipal Comprehensive Plan. The rezoning to PUD would be consistent with the Comprehensive Plan in that the City Council recently authorized an amendment to the future land use map from Outdoor Sport Recreation and Passive Open Space to Office. While the current Light Industrial zoning of the site is consistent with the Office designation, the PUD zoning would provide greater flexibility, clustering of buildings, open space preservation and staging of the development along with the added protection of a very specific set of land-use requirements articulated in the PUD document. (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.