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<br />stormwater lines. Costs for onsite water and sewer improvements would be paid by Medtronic. <br />It is projected that utilities improvements will cost $800,000. The City's portion would be <br />approximately $400,000 and is a TIF eligible expense. <br /> <br />.:. Medtronic agrees to pay the City's Utility Franchise Fee. The fee based upon 4.0% of the gross <br />utility revenues (electricity and natural gas) is projected to generate about $80,000 per year after <br />Phase I facilities are completed. Half of the monies are allocated to the City's General Fund and <br />halfto the Street hnprovement Fund. <br /> <br />Outstanding Issues to be Resolved: <br /> <br />. The City and Medtronic are continuing to negotiate and work through various development <br />issues related to the project. <br />. Negotiations with Clear Charmel are progressing in an orderly fashion. <br />. All major components of the Development Project are subject to change. <br />. Final terms and conditions ofthe Development Agreement are subject to change and final <br />legislative action. <br />