It's got some legislators talking about the need for a special session this summer to get the work done. Meanwhile, Medtronic officials confirm plans to add another 2,000 jobs and build new quarters for them, but added the city is one of several expansion options the company is considering.
A bill to provide $20 million in tax increment financing to help prepare the way for Medtronic to make a major expansion in the city had made progress in both bodies. The Senate version was authored by state Sen. Satveer Chaudhary (DFL-Fridley) and would allow the city until 2013 to create various tax increment financing districts rather than the usual five-year window. The flexibility will help it extend the tax increment period to help pay for later phases as they occur.
The effort would initially fund the construction of a 560,000-sf first phase and 400,000-sf second phase on the east side of the city's Northwest Quadrant, a 100-acre redevelopment site near Interstate 694 and Old Highway 8. The effort could ultimately result in 1.5 million sf of new development and bring 2,000 jobs to the city. The city is seeking about $2 million in redevelopment grant money in the state's bonding bill to fix up the site.
Both the House and Senate passed the proposals as a part of larger bills, but the legislation died when the two bodies could not resolve their differences on the major issues of the session.
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