Additional Information

Brooklyn Park is proud to be the home of Target Corporation’s north campus. In November 2005, Target announced plans to vastly expand the campus over the next 15 - 20 years to create up to a total of:

·        8 million sq. ft. of office space for over 26,000 employees

·        2 million sq. ft. of retail/commercial space, including hotels

·        3,000 units of housing

·        A new signature park

This new city center is a major asset to Brooklyn Park residents and the region. Target will continue its presence in Minneapolis and use the Brooklyn Park campus to accommodate the company’s significant growth.

 
About Target Corporation

• 27th largest company in the US (Fortune Magazine)

• Over 25,000 employees in Minnesota today

• Headquarter employee growth 500 per year – Brooklyn Park campus to help accommodate growth

 Existing Brooklyn Park Campus

2006 Construction Activity

• 136 acres at 610 and West Broadway

• 561,000 sq. ft office

• 130,000 sq. ft of technical support in two buildings

• Currently 2,000 employees

 Contract and Planning Approval Process

• Letter of Intent was approved by Brooklyn Park EDA on March 6, 2006 which identified major points of the contract

• The final development contract, which specifies the financial terms of the development, was presented to the City Council and EDA on June 26, 2006; the contract was approved following public hearings

• The design and planning process is separate and later; all building plans will be reviewed and approved by City Planning Commission and City Council

 Target and Public Investment

• Total investment up to $1.75 billion

• Target will build all infrastructure, with costs of $150-216 million

• Target to provide new park, land for water tower and library, and space for new police substation

• City will provide limited tax abatement of approximately $20 million to Target but only as Target builds new buildings

• Abatement only for qualified infrastructure costs

• City will gain approximately $28 million in new tax revenue plus building fees of $23 million

• City will pay $2.4 million for trunk utility charges

• No financial risk or cost to taxpayers

Other Information Links:

• Map of Target expansion area (pdf)

• Concept plan (pdf)

Links to news articles: Minneapolis-St Paul Business Journal (June 27, 2006), Minneapolis-St Paul Business Journal (March 7, 2006), Brooklyn Park Sun-Post (March 2006)