HomeMy WebLinkAbout01-22-2007
(Revised as of 1-22/2007 @ 5:10pm)
CITY OF MOUNDS VIEW
ECONOMIC DEVELOPMENT AUTHORITY MEETING AGENDA
MOUNDS VIEW CITY HALL
Monday, January 22, 2007
6 PM
1. CALL TO ORDER
2. ROLL CALL: President Marty, Vice President Stigney, Commissioner Flaherty,
Commissioner Hull, Commissioner Mueller
3. APPROVAL OF AGENDA
4. PUBLIC INPUT:
Citizens may speak to issues not on tonight’s agenda. Before speaking, please
give your full name and address for the minutes. Also, please limit your
comments to three minutes.
5. APPROVAL OF MINUTES: None
6. CONSENT AGENDA
7. EDA BUSINESS
A. Consider EDA Resolution 07-EDA-228 Authorizing Payment of a Pay-As-You-Go
Developer Payment to Heartland-Mounds View Common Bond.
B. Consider EDA Resolution 07-EDA-229 Approving Changes to the Mounds View
Economic Development Authority’s Tax Increment Financing (TIF) Policy and
Application.
8. REPORTS
A. Update on the Medtronic CRDM Project (PowerPoint Presentation by Backman)
B. Presentation by the MVCTPA. (Requested 4 minutes)
9. NEXT EDA MEETING: Monday, February 12, 2007 @630pm
10. ADJOURNMENT
M.V. EDA Tax Increment Financing Policy 1.22.07
1
EXHIBIT A
City of Mounds View Economic Development Authority
Tax Increment Financing
Policy & Application
Adopted: 5/12/97
Revised: June 12, 2000
Draft Revision: January 22, 2007
M.V. EDA Tax Increment Financing Policy 1.22.07
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Table of Contents
I. General Policy Purpose 3
II. Projects Eligible for Tax Increment Financing 3
III. Costs Eligible for Tax Increment Financing 3
IV. Determination of the Amount of Assistance to the Applicant 4
V. Type of Assistance 4
VI. Establishing a Tax Increment Finance District 5
VII. Administration, Pooled Funds, and Parcel Decertification 5
VIII. Application Process 6
IX. Attachment A: Application for Tax Increment Financeing Application 7
X. Exhibits
A. Attachment B: Deposit Application Fee Agreement 11
B. Attachment C: Application Proposal Review Worksheet 14
C. Sample But-For Analysis 16
M.V. EDA Tax Increment Financing Policy 1.22.07
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I. GENERAL POLICY PURPOSE:
The Mounds View Economic Development Authority (EDA) has the powers under the Minnesota Statute
Sections 469.124 through 469.137 and sections 469.001 through 469.047 to govern and monitor the use
of tax increment financing for Mounds View’s tax increment districts and the Mounds View development
district which encompasses the entire boundaries of the City of Mounds View. It is the responsibility of the
Mounds View Economic Development Authority to use tax increment financing as a tool to accomplish the
City’s economic development and redevelopment goals and objectives. The Mounds View Economic
Development Authority understands and abides by the fundamental principal principle which makes tax
increment financing viable to encourage development and redevelopment which would otherwise not
occur.
The Mounds View Economic Development Authority shall consider tax increment financing in cases that
serve to accomplish the City’s development goals and activities as hereby defined in projects eligible for
tax increment financing. The Mounds View EDA has determined that it is advisable and in the best
interest of the City to adopt a policy relating to Tax Increment Financing (TIF) for private development.
It is intended that this policy not be construed as exclusive but instead to provide general guidelines for
addressing TIF in the City and, in adopting this policy, the EDA acknowledges that special cases may be
required based on the particular facts present in any given situation and the proposed development or
redevelopment would not reasonably be expected to occur solely through private development within the
foreseeable future.
It is the policy of the City of Mounds View to consider the judicious use of Tax Increment Financing (TIF)
for those projects which demonstrate a public benefit by constructing public improvements in support of
developments that will: create new jobs, retain existing employment, eliminate blight, strengthen the
economic base of the City, increase property values and tax revenues, create economic stability, and/or
expansion of business and housing options in the City.
II. PROJECTS ELIGIBLE FOR TAX I NCREMENT FINANCING:
Projects eligible for consideration of Tax Increment Financing assistance per the Mounds View
Development Project Plan dated May 9, 1994 include, but are not limited to (1) the attraction, retention,
rehabilitation and preservation of commercial, industrial, retail, residential, recreational and public service
facilities; (2) new and rehabilitated public infrastructure; (3) community and other public service centers;
(4) senior/mature adult and/or other housing development partnerships or other multi-use housings
projects and facilities; (5) other public utilities (including telecommunications); (6) business incubator loan
and other business programs; and (7) transportation systems. More emphasis will be placed on those
items which increase the tax base, eliminate blight, and the meet the City’s economic and redevelopment
goals.
III. COSTS ELIGIBLE FOR TAX INCREMENT FINANCING:
Project costs qualifying for Tax Increment Financing assistance, as defined under the TIF Act, include
utilities design, architectural and engineering fees directly attributable to site work, site related permits,
earthwork/excavation, soils correction, landscaping, utilities (sanitary sewer, storm sewer, and water),
streets and roads, street/parking lot paving, street/parking lot lights, curb and gutter, sidewalks, land
acquisition, special assessment, legal (relating to acquisition, financing, and closing fees), soils tests and
environmental studies, surveys, park dedication fee, SAC, WAC, charges, titles insurance and TIF
application deposit.
IV. DETERMINATION OF AMOUNT OF ASSISTANCE TO APPLICANT:
Within TIF Districts
The amount of Tax Increment Financing provided to an applicant will be based, in part, on the analysis of
information provided on the application for Tax Increment Financing assistance (Attachment “A”), amount
of increment generated by the project as evaluated by the City’s Financial and/or Bond Counsel and the
City’s economic and redevelopment goals.
M.V. EDA Tax Increment Financing Policy 1.22.07
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The level of assistance provided will be evaluated on a case by case basis and may reflect an increase or
decrease in assistance dependent upon the level of increase in the tax base, amount of elimination of
blight and/or a number of variables that may substantiate the need for assistance. An adjustment in the
amount of assistance that can be provided is at the sole discretion of the Board of the Economic
Development Authority as long as the requested uses are legal under the Minnesota State Statutes for the
use of tax increment financing.
Within the Development District (herein referred to as the “City” limits) but outside of TIF Districts
The evaluation of Tax Increment Financing assistance that could be provided to an applicant will be based
on (A) the analysis of information provided on the application for Tax Increment Finance assistance
(Attachment “A”), (B) square footage cost of the project, (C) balance available in the Economic
Development Authority excess tax increment fund and (D) proof of need for assistance under the “but for”
test for use of tax increment financing. See Attachment D Exhibit C for a sample “but for” analysis.
V. TYPES OF ASSISTANCE:
Within TIF Districts
Tax Increment Financing can be provided in either “pay as you go” or “up front” payments. “Pay as you
go” is wherein the Mounds View Economic Development Authority compensates the applicant an amount
equal to a predetermined percentage of the actual increment produced by the project for a predetermined
number of years. The applicant pays for the (re)development up front and then annual payments are
issued to the applicant based on the need for assistance and increment generated from the project. “Up
front” payments is wherein the Mounds View Economic Development Authority must issue revenue or
general obligation bonds to pay for the (re)development prior to the completion of the project. The
increment from the project is then used for repayment of the bonds. The Mounds View Economic
Development Authority gives preference to the use of “pay as you go” assistance to finance private
development projects due to the reduced risk to the community. The EDA will consider “up front” payment
projects that would benefit the entire community and are not possible to be funded under a “pay as you
go” basis.
Within the City but outside of TIF Districts
Financing from the dedicated tax increment fund can be provided in annual installments to the applicant
based on the positive cash flow balance in the Economic Development Authority’s dedicated tax
increment fund and need for assistance based on analysis of the “but for” test for the project. The
dedicated tax increment fund includes a value based on the use and is adjusted along with the budget
process and goals and objectives for economic and redevelopment on an annual basis.
VI. ESTABLISHING A TAX INCREMENT FINANCE DISTRICT:
New tax increment finance districts in the City of Mounds View will be established in accordance with
applicable Minnesota State Statutes, the Tax Increment Finance Plan, and the Development District Plan.
VII. ADMINISTRATION, POOLED FUNDS & PARCEL DECERTIFICATION:
Administration
Tax Increment Finance districts will be administered in accordance with applicable Minnesota State
Statutes, the Tax Increment Finance Plan, and the Development District Plan.
Pooled Funds
Pooled funds are available when the current years increment exceeds existing obligations. In the past,
funds have been allocated for low interest improvement loans, housing replacement, and Highway 10
redevelopment. The Mounds View Economic Development Authority will address the future use of pooled
M.V. EDA Tax Increment Financing Policy 1.22.07
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funds in the following manner: (1) view tax increment as a means secondary to programmatic objectives;
(2) allocate all available pooled increment; and (3) the Economic Development Commission and
Economic Development Authority decides on future development needs and uses TIF and/or other means
to accomplish those ends. (4) in the event that the Economic Development Authority determines pooled
increment should be returned to the respective taxing jurisdictions, the Economic Development
Commission will evaluate the potential action and make a recommendation to the Economic Development
Authority.
To more effectively utilize pooled increment, the Economic Development Commission will recommend
funding priorities to the Economic Development Authority. This will be done in conjunction with the annual
budgetary process. At this time, potential parcels for decertification will also be examined
Requests made for the use of pooled funds by a business or developer outside established TIF districts
are discussed in sections IV and V.
Parcel Decertification
Parcels in Mounds View’s Tax Increment Finance districts will be decertified as required by and in
accordance with applicable Minnesota State Statutes, the Development District Plan, and the TIF Plans as
amended. In the event that the Economic Development Authority desires to return pooled increment to
the respective taxing jurisdictions, the following guidelines will be observed: (1) reserves should be greater
than or equal to next years projected increment; and (2) prior to disbursing pooled funds to the respective
taxing jurisdictions, the Economic Development Authority will consider future projects and community
needs. (3) in the event that parcels are going to be decertified, the Economic Development Commission
will evaluate the potential action and make a recommendation to the Economic Development Authority.
VIII. APPLICATION PROCESS:
The following delineates the Mounds View Economic Development Authority’s application process for Tax
Increment Financing assistance:
1. Applicant submits the completed Tax Increment Financing Application (Attachment “A”) and
Deposit Application Fee Agreement (Attachment “B” Exhibit A) along with all a non-refundable $5,000
application fees. The application fee will be used toward the cost of professional or technical services
provided in the evaluation of the application, and legal costs incurred by the City for preparation of legal
documents. If the EDA incurs additional expenses directly related to the evaluation of the application, or
for professional or legal services beyond the $5,000, the EDA shall notify the applicant in writing and the
applicant will be required to deposit additional funds.
2. City staff reviews the application and completes the Application Review Worksheet (Attachment
“C”) Exhibit B.
3. Results of the Worksheet are submitted to the appropriate governing authorities for preliminary
approval of the proposal.
4. If preliminary approval is granted, a development agreement, business subsidy agreement, and
amendments to the Tax Increment Financing Plan, along with all necessary notices, resolutions and
certificates are prepared by City staff and/or consultants.
5. If applicable, notices are published and sent to the county and school board.
6. If necessary, public hearing(s) on the proposed project are held.
7. The Economic Development Authority considers final approval of the proposal.
M.V. EDA Tax Increment Financing Policy 1.22.07
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IX. Attachment A: APPLICATION FOR TAX INCREMENT FINANCING
A. APPLICANT INFORMATION
Name of Corporation/Partnership
Address
Primary Contact
Address
Phone Fax Email
On a separate sheet, please provide the following:
• Brief description of the corporation/partnership’s business, including history, principal product
or service, etc…. Attach as Exhibit A.
• Brief description of the proposed project. Attach as Exhibit B.
• List names of officers and shareholders/partners with more than five ten percent (10.05%)
interest in the corporation/partnership. Attach as Exhibit C.
• A but-for analysis. Attach as Exhibit D.
Attorney Name
Address
Phone Fax Email
Accountant Name
Address
Phone Fax Email
Contractor Name
Address
Phone Fax Email
Engineer Name
Address
Phone Fax Email
Architect Name
Address
Phone Fax Email
M.V. EDA Tax Increment Financing Policy 1.22.07
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B. PROJECT INFORMATION
The project will be:
____Vacant Land Mixed Use Development ____New Construction ____ Rehab./Expansion
____Commercial Redevelopment: ____New Construction ____ Rehabilitation/Expansion
____Industrial Redevelopment: ____New Construction ____ Rehabilitation/Expansion
____Housing: ____New Construction ____ Rehabilitation/Expansion
____Other
The project will be: ___Owner Occupied ____Leased Space
If leased space, please attach a list names and addresses of future lessees and indicate the status of
commitments or lease agreements. Attach as Exhibit E.
Project Address
Legal Description
Site Plan Attached: ____ Yes ____ No
Building Square Footage:
Number of Units if Applicable:
Amount of Tax Increment Requested:
Land $
Public Improvement $
Site Improvement $
Current Market Value of Project Site: $
Estimated Market Value upon Completion: $
Current Real Estate Taxes on Project Site: $
Estimated Real Estate Taxes upon Completion: $
Construction Start Date:
Construction Completion Date:
If Phased Project: Year % Completed
Year % Completed
C. PUBLIC PURPOSE
It is the policy of the City of Mounds View that the use of Tax Increment Financing should result in a
benefit to the public. Please indicate how this project will serve a public purpose.
___Job Creation: Number of existing jobs
Number of jobs created by project
Average hourly wage of jobs created
___New industrial development which will result in additional private investment in the area.
___The project contributes to the fulfillment of the City’s economic development and redevelopment goals
___Removal of blight.
___Rehabilitation of a high profile or priority site.
___Provision of Low and Moderate Income Housing.
___Other:
M.V. EDA Tax Increment Financing Policy 1.22.07
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D. SOURCES & USES
SOURCES NAME AMOUNT
Bank Loan $
Other Private Funds $
Equity $
Fed Grant/Loan $
State Grant/Loan $
Tax Increment $
ID Bonds $
Other $
TOTAL $
USES AMOUNT
Land Acquisition $
Site Development $
Construction $
Machinery & Equipment $
Architectural & Engineering Fees $
Legal Fees $
Interest During Construction $
Debt Service Reserve $
Contingencies $
Other $
TOTAL $
M.V. EDA Tax Increment Financing Policy 1.22.07
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E. ADDITIONAL DOCUMENTATION
Applicants will also be required to provide the following documentation.
______A) Written business plan, including a description of the business,
ownership/management, date established, products and services, and
future plans
_______B) Financial Statements for Past Three Years
Profit & Loss Statement
Balance Sheet
_______C) Current Financial Statements
Profit & Loss Statement to Date
Balance Sheet to Date
_______D) Two Year Financial Projections, including Profit & Loss, Balance Sheet,
Cash Flow Statement. Please list assumptions, inc. estimated personnel
levels and sales growth.
_______F) Personal Financial Statements of all Major Shareholders with a 10.0% or
greater ownership interest if “Up Front” Financing is Requested
Profit & Loss
Current Tax Return
_______G) Letter of Commitment from Applicant Pledging to Complete during the
proposed project duration
H) Letter of Commitment from the Other Sources of Financing,
Stating Terms and Conditions of their Participation in
Project
_ I) Application fee of $5,000
_____J) Additional information that will be helpful in evaluating
your application
Note: All Major shareholders will be required to sign personal guarantees if up front financing of
the project is required.
The undersigned certifies that all information provided in this application is true and
correct to the best of the undersigned’s knowledge. The undersigned authorizes the
Mounds View Economic Development Authority to check credit references and verify
financial and other information. The undersigned also agrees to provide any additional
information as may be requested by the Authority after the filing of this application.
Applicant Name Date
By
Its
M.V. EDA Tax Increment Financing Policy 1.22.07
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X. Exhibits
Attachment Exhibit A B: Deposit Application Fee Agreement
Deposit Agreement for Evaluation of Tax Increment Assistance
By and Between the Mounds View Economic Development Authority
and (The Applicant)
This agreement made as of the day of , 200 5 by and between the MOUNDS
VIEW ECONOMIC DEVELOPMENT AUTHORITY, a body corporate and politic, organized and existing
under the laws of the State of Minnesota (the “EDA”) and (“The Applicant”).
WITNESSETH:
WHEREAS, the EDA has the powers provided in Minnesota Statutes, Sections 469.124 to
469.134 and 469.090 to 469.108 (collectively, the “Act”); and
WHEREAS, pursuant to and in furtherance of the objectives of the Act, the EDA has undertaken a
program to promote development and redevelopment of certain land within the City of Mounds View and
in connection is engaged in carrying out the Mounds View Economic Development Project as detailed in
EDA document dated 5/9/94 (the “Project”) within the City; and
WHEREAS, the redevelopment and development of property within the Project by private
developers are stated objectives of the Project Plan.
NOW THEREFORE, in consideration of a mutual covenants made herein and for other good and
valuable consideration set forth in the Agreement, the parties agree as follows:
Section 1. (The Applicant ) agrees to provide the EDA with a deposit an application fee of $5,000
for the preparation of legal documents and for the EDA’s consultants to investigate the feasibility of
providing Tax Increment Financing assistance to (The Applicant) for the redevelopment of the (the
“Property”). If the EDA incurs additional expenses directly related to the feasibility of providing Tax
Increment Assistance to (The Applicant), or for professional or legal services beyond the $5,000, prior to
the execution of the Developer’s Agreement, the EDA shall notify (The Applicant) in writing and (The
Applicant) will be required to deposit pay additional funds as a condition of the EDA entering into any such
Development Agreement.
Section 2. Regardless whether the project is approved by the EDA or not, the application fee is
non-refundable. If the project is approved and (The Applicant) proceeds with the project, the EDA shall
reimburse (The Applicant)’s deposit to the extent permissible under the TIF Act. If (The Applicant) does
not proceed with the redevelopment of the Property due to the decision of either the EDA or (The
Applicant), the EDA shall reimburse the applicant for the unused portion of the.
Section 3. Nothing contained in this agreement shall in any way obligate either party to proceed
with the redevelopment of the Property or otherwise enter into a Development Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written.
M.V. EDA Tax Increment Financing Policy 1.22.07
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MOUNDS VIEW ECONOMIC
DEVELOPMENT AUTHORITY
BY:
Rob Marty
ITS PRESIDENT
BY:
Kurt Ulrich
ITS EXECUTIVE DIRECTOR
STATE OF MINNESOTA )
) SS
COUNTY OF )
The foregoing instrument was acknowledged before me on this day of
, 200__5, by Rob Marty and Kurt Ulrich, the President and Executive Director respectively of
the Mounds View Economic Development Authority named in the foregoing instrument.
Notary Public
M.V. EDA Tax Increment Financing Policy 1.22.07
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(The Applicant)
BY:
ITS:
STATE OF MINNESOTA )
) SS
COUNTY OF )
The foregoing instrument was acknowledged before me on this day of
, 200__0, by , the of
(The Applicant) named in the foregoing instrument.
Notary Public
M.V. EDA Tax Increment Financing Policy 1.22.07
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XI. Attachment EXHIBIT B C: APPLICATION PROPOSAL REVIEW
WORKSHEET
REDEVELOPMENT DISTRICT
1. Ratio of Private to Public Investment in Project: Points:
$ Private investment 4:1 5
$ Public Investment 3:1 4
Ratio of Private to Public Financing 2:1 3
1:1 2
Less than 1:1 1
2. Increase in Real Estate Value: Points:
$ Value of Site before redevelopment 1:5+ 5
$ Value of site after redevelopment 1:4 4
$ Ratio of value before:after redevelopment 1:3 3
1:2 2
Less than 1:2 1
3. New Job Creation in the City of MoundsView: Points:
Number of net new jobs (FTE’s) as a result of the project 50+ 5
Number of existing/retained jobs (FTE’s) divided by 10. 30+ 4
Total 25+ 3
15+ 2
Less than 15 1
4. Ratio of TIF to new jobs created: Points:
$ TIF request $15,000 or less 5
Number of new jobs created $20,000 or less 4
$ of TIF per new job created $22,000 or less 3
$25,000 or less 2
Over $25,000 1
5. Wage Level of jobs created: Points:
Average hourly wage Over $21/ hour 5
of jobs created: $18 –21 / hour 4
$14-17 / hour 3
$10-13 / hour 2
Under $10 / hour1
6. Project size: Points:
The project will result in a net additional square Over 100,000 5
footage of 80,000+ 4
60,000+ 3
40,000+ 2
40,000 or less 1
TO BE COMPLETED BY CITY STAFF
M.V. EDA Tax Increment Financing Policy 1.22.07
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7. Type of Project: Points:
100% Owner Occupied 5
Mix Owner Occupied & Investment 4
Investment Property 3
8. Use: Points:
Industrial/Commercial 5
Warehouse/Distribution 4
Commercial Office/Housing 3
Housing 3
9. The project will pay annual Points:
property taxes in the first fully assessed 120,000+ 5
year of $ 80,000+ 4
60,000+ 3
40,000+ 2
20,000+ 1
Below 20,000 0
10. Likelihood that the project will result in Points:
unsubsidized, spin-off development in the City of Mounds View.
High 5
Moderate 3
Low 1
11. Bonus Points Bonus Points:
The project will be 100% pay-as-you-go TIF. 3 points
The project contributes to Highway County Road 10 Redevelopment 3 points
Total Points:
Overall project analysis: High 50-43 points
Moderate 42-34 points
Low 33-26 points
Not Eligible 25-0 points
Sub - Total Points: of a possible 50 points.
M.V. EDA Tax Increment Financing Policy 1.22.07
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XI. ATTACHMENT EXHIBIT C D: SAMPLE BUT-FOR ANALYSIS
WITHOUT WITH
TAX INCREMENT FINANCING TAX INCREMENT FINANCING
SOURCES AND USES SOURCES AND USES
SOURCES SOURCES
Mortgage 9,600,000 8,667,000
Equity 2,400,000 2,400,00
Tax Increment Financing 0 933,000
TOTAL SOURCES 12,000,000 12,000,000
USES USES
Land 1,500,000 1,500,000
Site Work 300,000 300,000
Soil Correction 468,000 468,000
Demolition 100,000 100,000
Relocation 65,000 65,000
Subtotal Land Costs 2,433,000 2,433,000
Construction 6,750,000 6,750,000
Finish Manufacturing 250,000 250,000
Subtotal Construction Costs 7,000,000 7,000,000
Soft Costs 350,000 350,000
Taxes 35,000 35,000
Finance Fees 850,000 850,000
Project Manager 542,000 542,000
Developer Fee 540,000 540,000
Contingency 250,000 250,000
Subtotal Admin./Soft Costs 2,567,000 2,567,000
TOTAL USES 12,000,000 12,000,000
Income Statement Income Statement
Sq. Ft. Per Sq. Ft. Sq. Ft. Per Sq. Ft.
Rent-Space 1 100,000 $8.00 800,000 100,000 $8.00 800,000
Rent-Space 2 25,000 $8.50 212,500 25,000 $8.50 212,500
Rent-Space 3 25,000 $9.00 225,000 25,000 $9.00 225,000
Other 0 $0.00 0 0 $0.00 0
1,237,500 1,237,500
Mortgage 20 Term 1,051,646 20 Term 949,439
9.00% Interest 9.00% Interest
9,600,000 Principal 8,667,000 Principal
Net Income 185,854 288,061
Total Return on Equity 7.74% 12.00%
\\Trout\CommDev\Economic Development\TIF\Policy\TIF Policy Draft Revision 12-15-06.doc
Medtronic
The New View
presented by Aaron Backman
1/18/07
Medtronic Campus Site in 2005
Medtronic Campus as of 11/11/06
Project Overview
•Use: office, research and development for
CRDM headquarters
•Location: 85 acre site in Mounds View
(small portion in Blaine)
•Size of initial phase: 1.2 million square feet
•Structures: three 8-story office towers;
five-level parking ramp
Project Overview
•Employees: estimated 4,200
•Expansion: in about four years the
company may consider adding a fourth
tower, bringing total employment to
approximately 6,000 and campus to 1.5
million square feet
•Completion date: current phase Fall 2007
•Team: Opus Northwest, Julie Snow
Architects, etc.
Amenities
•Exterior: prairie-style landscaping, two
miles of campus trails, controlled access
gathering points
•Interior: child care center, meals to go,
coffee shop, concierge service, banking,
wellness center, on-site clinic, pharmacy
Internal Features
•Collaborative labs throughout campus
•Customer Education and Training Center
for hands-on product experiences
•Nearly 350 scheduled and unscheduled
meeting spaces throughout campus
Internal Features
•Great Hall/dining area for up to 1,100
people (event space)
•Campus auditorium accommodating up to
340 people
•Galley seating areas on all floors
•Links providing “freeways for
collaboration”
Fun Facts
•Office towers top out at 143 feet
•1,300 pre-cast concrete panels placed on the
exterior of the buildings
•6,600 window panes to be installed
•73,000 cubic yards of concrete to be poured
•Each office building is longer than a football field
•Building square footage nearly equals that of the
IDS Tower in Minneapolis
•Parking Ramp is the 4th largest parking ramp
complex in Minnesota
Financial Revenues
•To-date, the City of Mounds View has been
paid $13.8 million by Medtronic or contractors
•Of that, $8.65 million was from the land sale
•Permit fees have totaled $1.7 million to date
•Water & sewer utilities, well upgrade, and
City road fund payments totaled $1.29 million
•$.86 million paid in park dedication fees
•Billboard contract revenue was $.67 million
•Admin reimbursements totaled $.67 million
Financial Obligations/Setasides
•$6.43 million: City’s levy reduction fund
•$3.85 million: payments of golf course
debts
•$1.29 million: utilities and City road fund
•$ .86 million: park and recreation
•$ .7 million: SAC & WAC fees to the
Metropolitan Council
•$ .67 million: reimbursement for City’s
administrative expenses
Thank you!
For further information:
Aaron Backman
Tel. 763.717.4029
aaron.backman@ci.mounds-view.mn.us