The first phase would be an 820,000-sf, $65 million building. There also are plans for a later phase could add 680,000 sf. Medtronic's cardiac rhythm management division, which makes pacemakers and implantable heart defibrillators, has quickly outgrown its Fridley, MN campus. The company also has plans to consolidate six of its CRM facilities sprinkled throughout the Twin Cities into one site, prompting medical device firm to look for a new corporate campus.

Medtronic and the city of Mounds View have outlined a 25-year tax-increment financing plan, which would provide $14 million for the project. That said, the project would pay an estimated $79 million in property taxes throughout the next 25 years. After the tax-increment financing is covered, the city, county and school districts will receive $50 million of that.

Proponents of the deal argue it would be a boon to the city. The $65 million development is projected to bring in about 3,300 employees within the next two years. Two additional buildings, proposed for about 2017, could add 2,700 more employees.