The Lafayette, Colo., City Council voted this week to approve Medtronic’s (NYSE:MDT) plans for a 42-acre campus located in the city.
Medtronic confirmed the approval in a statement to MassDevice:
“On March 2, the Lafayette City Council provided final approval to Medtronic’s proposed Lafayette, Colorado, campus plans,” the company said. “This vote clears the way for Medtronic to proceed with the phased construction of a world-class innovation and research center that will bring together 2,000+ employees from Boulder and Louisville facilities onto one campus.
“We plan to build two five-story connected buildings on about 40 acres. Medtronic expects to close on the land acquisition this spring and begin construction six to eight weeks after the close. As we’re taking a phased approach, the entire construction process will take about two years to complete. We believe employees will be able to start moving onto the campus in the Fall of 2022.”
Lafayette falls a little over 20 miles north of Colorado’s capital city, Denver, while it is only three miles from Louisville, Colo., and 11 miles from Boulder, both of which are locations of current Medtronic operations.
The Lafayette City Council’s approval came in its March 2, meeting, with documents revealing that the council previously denied the applicant’s request for a 50% reduction in public land dedication for the site and required that 100% of the public land dedication be provided as cash-in-lieu.
Additionally, the council approved the location and the site plan for Medtronic, with next steps including execution and recording with the Boulder County Clerk and Recorder.
“Coming together at a single campus will strengthen our Medtronic presence in Colorado and better position our businesses for growth, while also reducing operating expenses,” the Medtronic statement concluded. “A new campus will also provide facilities for us to better collaborate with customers and partners, as well as increase our ability to attract and retain the talent we need to grow in a tech-rich area.”