State Report on Private Investment Shows DMC on Track to Surpass $200 Million Threshold by End of 2016
ROCHESTER, Minn. (March 24, 2016) – On behalf of the Destination Medical Center (DMC) Corporation Board of Directors, DMC Board Chair Lt. Governor Tina Smith will present the 2015 private investment draft report to the Minnesota Department of Employment and Economic Development (DEED) for certification. The report shows $152.4 million in private sector investment in Rochester since July 1, 2013. During 2015, Mayo Clinic and the City of Rochester reported a total of $87.6 million in eligible private sector investments.
Due to inclement weather, the DMC Corporation Board of Directors was unable to meet this morning as originally planned. The Board will officially approve the private investment report at a rescheduled meeting in April.
“With Mayo Clinic leading the way, Rochester saw a significant increase in private investment in 2015. This report further affirms the growing interest of developers and entrepreneurs in the DMC and Rochester’s reputation as premiere health care destination,” said Lt. Governor Tina Smith, DMC Corporation Board Chair. “I expect this progress will continue throughout the rest of 2016 – allowing us to attain the $200 million threshold necessary for the state contribution to become available.”
DEED is responsible for tracking the $585 million in public dollars allocated by the State of Minnesota for the DMC economic development initiative. DEED also must certify the first $200 million of private investment that is required before state dollars will become available.