The Fridley-based medical technology firm has agreed to pay $8.65 million to Mounds View for 72 acres of the 118-acre golf course, and $1 million to the state Transportation Department for land designated for public use. Medtronic also would donate $600,000 toward sprucing up Mounds View parks, include those near the site.
The first phase of the Medtronic campus would involve the construction of about 820,000 sf of office space in several buildings that would house research and development space for Medtronic's largest division, cardiac rhythm management. The site is near the US Route 10 and Interstate 35W interchange.
The real estate costs for the first phase alone would be about $65 million; add in the lab equipment, computers and other furnishings, and its investment would run more than $100 million and bring about 3,300 jobs to Mounds View, city officials say. A later phase could add 680,000 sf and bring the total number of new jobs to more than 6,000.
Meanwhile, the City of Mounds View's economic redevelopment authority held a public hearing this week concerning the Medtronic deal where residents debated the issues relating to closing and selling the golf course to make way for an expansion that could mean up to 1.5 million sf of office.
Medtronic is asking for tax increment financing aid from the City of Mounds View, which could total more than over $14 million over 25 years. A bill enabling the city to create a tax increment financing district is making progress in the Minnesota Legislature, having recently passed a Senate committee. The property is currently tax-exempt, and the project would put it back on the tax roles.
Medtronic had been courted by New Brighton, Mounds View's neighbor to the south. New Brighton hoped the company would anchor a redevelopment project in the city's northwest quadrant, but after more than a year of negotiations the deal fell through. New Brighton has since been talking with other potential tenants.
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