The city has held public hearings on the development proposal, and residents are split over it. Opponents argue that the city should allow the property to remain a golf course and object to the use of tax increment financing. Proponents favor adding jobs and increasing the tax base in an attempt to lower property taxes overall. The next public hearing on the topic is June 20.
Medtronic would pay $1 million to a state highway fund to free up the land, and it will pay the city $8.65 million for 72 acres of the 118-acre golf course, if the project goes forward.
The first phase of the Medtronic campus involves construction of 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 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, say city officials. A later phase could add 680,000 sf and bring the total number of new jobs to more than 6,000. The company would like to begin construction this fall.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
