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<br />c..:'\"jw~q', ;'H: ,; .. Ehlers & Associates, Inc. - Leaders in Public Finance Since 1955
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<br />/>'<"<':::'~"":/"
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<br />. 'Recent. '
<br />Minnesota
<br />Bond Sales
<br />June,2006
<br />through July, 2006
<br />-Page 5
<br />
<br />Medtronic Cardiac Rhythm Disease Management
<br />(CRDM) Corporate Campus Underway in Mounds View
<br />
<br />By Stacie Kvilvang, Ehlers Financial Advisor
<br />
<br />After an extensive public involvement/information
<br />process and whirlwind year of planning and State
<br />and local government approvals, Medtronic's new
<br />1.5 million square-foot Corporate CRDM Campus is
<br />under construction in Mounds View.
<br />
<br />The corporate campus is currently under construc-
<br />tion on the site of the former City-owned Bridges
<br />Golf Course, at I-35W and State Highway 10.
<br />
<br />Medtronic, Inc., is the world's leading medical
<br />technology company, providing lifelong solutions
<br />for people with chronic disease. Its products
<br />include those for cardiac rhythm management,
<br />cardiac surgery, vascular, neurological, spinal,
<br />diabetes, and for ENT surgery. Medtronic first
<br />approached the City in mid-2004 with interest in
<br />locating their CRDM Corporate Campus to Mounds
<br />View. By the end of that year, they presented a
<br />preliminary term sheet to the Mounds View
<br />City Council.
<br />
<br />After review and consideration in early 2005, the
<br />City Council
<br />directed City staff
<br />to continue to
<br />proceed with
<br />further nego-
<br />tiations with
<br />Medtronic and to
<br />pursue a course of
<br />action consistent
<br />with potentially
<br />selling The Bridges
<br />for redevel-
<br />opment.
<br />
<br />Medtronic Site
<br />PlanlDescription
<br />
<br />. 1.5million square-foot campus
<br />
<br />. 6,000-plus employees
<br />
<br />. Average salary of $70,000
<br />
<br />. 4,300 structured parking stalls
<br />
<br />. Total market value of
<br />$135 million
<br />
<br />. $24 million in State funds
<br />to allow County Road J and
<br />1-35W Bridge to be reconstructed
<br />by 200~ (20 years ahead
<br />of schedule)
<br />
<br />The City-owned golf course encompassed an area
<br />of approximately 72.2 acres at State Highway 10
<br />and I-35W. Medtronic became interested in this site
<br />because it was large enough to allow them to
<br />expand and combine multiple facilities, including
<br />several temporary locations, into a new cohesive,
<br />efficient and
<br />motivational
<br />campus
<br />environment for
<br />employees. In
<br />addition, it was
<br />not only centrally
<br />located, but
<br />located close to
<br />their corporate
<br />campus in Fridley,
<br />had great visibility
<br />and access, and
<br />was ideally
<br />situated in
<br />relation to
<br />existing and
<br />potential future
<br />employees.
<br />
<br />Making this project a reality was not a simple
<br />task. Medtronic wanted to begin development by
<br />the end of 2005. In order to do that, the City
<br />had to seek approval of two pieces of special
<br />legislation (special TIP legislation and removal of
<br />a reverter clause for land on which the golf course
<br />resided); obtain State bonding funds for
<br />required roadway/transportation improvements;
<br />relocate four billboards; create a TIP district;
<br />complete an AUAR; purchase, remove and relocate
<br />several businesses in
<br />Blaine; obtain all
<br />necessary planning and
<br />financing approvals;
<br />overcome legal
<br />challenges regarding
<br />the sale of The Bridges;
<br />and, provide utilities
<br />to the site.
<br />
<br />Medtronic Costs
<br />. $9,650,000 for acquisition
<br />of golf course land
<br />. $865,000 in parI< dedication fees
<br />. $660,000 in City administrative
<br />expenses including AUAR, legal,
<br />fiscal, engineering, etc.
<br />. $810,000 for relocation/buy-out
<br />of four billboards
<br />. $545,OOOto.Ci~utHity.fund
<br />. $390,000 to extend utilities
<br />to./he site
<br />. $355,OOO.to City road
<br />reconstruction f~f1d
<br />. $1.4 in permit fees & utility
<br />charges
<br />. $11 million to purchase land in
<br />Blaine required for parking
<br />
<br />
<br />Due to efforts by the
<br />City, County and
<br />Medtronic, the project
<br />
<br />~~~. . Rendering :'
<br />
<br />~ ~ :':'::':':;"""'iii (MEDTRONIC
<br />--"-~ w,,, continued on page 3)
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