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<br />DEVELOPMENT PROPOSAL AND TERMS OF DEVELOPMENT AGREEMENT <br /> <br />CONFIDENTIAL ATIORNEY/CLIENT PRIVILEGED COMMUNICATION -- NOT TO <br />BE DISCLOSED <br />EDA Executive Session June 13,2005 <br /> <br />To: <br /> <br />Kurt Ulrich - Executive DiIector <br />Economic Development Authority m <br /> <br />Scott Riggs, Mounds View City Attome~ <br /> <br />June 10, 2005 <br /> <br />From: <br /> <br />Date: <br /> <br />Re; <br /> <br />Medtronic - Development Proposal and Terms of Development Agreement <br /> <br />Medtronic Inc. has submitted its concept for redevelopment of The Bridges of Mounds View Golf Course, <br />a 72.2.acre Course currently owned by the City. This concept includes the acquisition and subsequent <br />redevelopment of the above referenced property, along with other property located within the City of <br />Blaine, for development of a corporate campus for their Cardiac Rhythm Management division. It is <br />anticipated that the development will be divided into the following three phases: <br /> <br /> <br />Phase I 820,000 SqlFt 2005 - 2007 November Dec 31, 2008 $65.6 Million <br />2005 <br />Phase II 340,000 S 1Ft 2012-2014 S rin 2012 N/A $27.2 Million <br />Phase ill 340,000 S 1Ft 2017-2019 S rin 2017 N/A $27.2 Million <br />TOTAL 1,500,000 N/A N/A N/A $120 Million <br />SIFt <br /> <br />All buildings will be located within the City of Mounds View, and the Blaine property is being acquired <br />to provide access to the site, allow retainage of more wetland area, provide more open space and <br />accommodate parking for the office complex. It is anticipated that in Phase I of the development, <br />Medtroruc will employ up to 3,200 employees and grow to 5,900 employees when Phase ill is completed. <br />Based upon the above rererenced development program, the following is a listing of the proposed <br />business terms for the final Development Agreement: <br /> <br />1. Special Legislation <br /> <br />a. Creation of an Economic Development TIF District. The City and EDA sought passage <br />of special TIF legislation for this development. The City originally modeled the <br />legislation after the special legislation approved for the City of New Brighton, which was <br />for a Redevelopment TIF District, with a 25-year term and variations from TIF law. <br /> <br />SJR-26396Svl <br />MU205-30 <br />