Medtronic (NYSE:MDT) is reportedly looking at commercial real estate in Louisville, Colo., for the construction of a new campus.
The medtech giant is interested in relocating its 2,000 Denver-area employees and adding 500 to 1,000 more positions at the potential new location, according to the Denver Post. Medtronic confirmed that it’s eyeing the location about 38 miles northwest of Denver, according to BizWest.
The Louisville City Council is slated to meet today to discuss the possibility of offering Medtronic $1.5 million in incentives to lure it to the city, which less than 10 miles from Boulder. The tax rebate package would reportedly make up more than 40% of the $3.5 million in fees and taxes that would come into the city if the project is completed.
There could be up to 500,000 square feet in new construction by the end of 2022 totaling $133 million in costs, according to the reports. Right now, Louisville has about 500 Medtronic employees, but could see an additional 2,300 to 2,500 if the project is completed. The average worker at the campus would make between $100,000 and $150,000 per year, the Post reported.
Medtronic is reportedly looking at property that used to be the corporate location for StorageTek, a data storage firm. More than a decade ago ConocoPhillips planned to bring 7,000 jobs to Louisville with an energy research lab on the property, but nothing materialized.
Shares of MDT were up 0.1% at $107.70 per share in early-morning trading today.
