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.
Despite best efforts, inclement winter weather prevented the DMC Corporation Board of Directors from meeting this morning as originally planned.
On behalf of the Board of Directors, 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 Board will officially approve the private investment report at a rescheduled meeting in April.
Due to inclement winter weather, the Destination Medical Center Corporation (DMCC) Board has modified the agenda for March 24, 2016 meeting.
In its only action, the DMC Corporation Board will review the draft report on private investment to the Minnesota Department of Employment and Economic Development (DEED) and consider a required resolution authorizing the report to be submitted to DEED.
The DMC Corporation will postpone remaining agenda items to be addressed at a special April meeting (date yet-to-be-determined).
The abbreviated meeting for March 24 will be held from 9:30 to 10:00 a.m. at the Mayo Civic Center, McDonnell Suite. DMC Corporation Board members Ardell Brede and Mark Hickey will be attending in person; other Board members will be participating via Skype.
The public is welcome to attend in person or follow the live stream here.
The Destination Medical Center Corporation (DMCC) board will hold its regularly scheduled meeting at 9:30 a.m. on Thursday, March 24 at the Mayo Civic Center.
Almost a year has passed since the DMC Development Plan was approved, and much progress has been made. Private sector response and investor activity have increased significantly, illustrating the commitment of investors, developers, and Mayo Clinic to ensure the success of DMC and enhance the opportunities in Rochester.
The development activity in each of the DMC District continues to show progress with investment and projects underway at various phases. The Destination Medical Center development plan identifies six sub-districts: Heart of the City, Discovery Square, St. Marys Place, Waterfront, Central Station, and the UMR/Recreation area. Each sub-district is organized around a signature public space and public realm experience.
The Peace Plaza, for example, serves as the signature public space in Heart of the City. Recently, a Request for Qualifications/Proposals process was launched to identify a team to design enhancements to the Heart of the City sub-district. In the next few weeks, a Community Advisory Committee will be established to help steer that design process.
When the University of Minnesota Rochester (UMR) opened its doors nearly ten years ago, it created a truly one-of-a-kind learning experience. Hands-on engagement with some of the top medical professionals in the world has allowed students to play a key role in the ever-changing world of healthcare. Having students in the Heart of the City has brought a vibrant energy to the community.
UMR is an anchor in the DMC Development Plan for the Recreation District and lies adjacent to Discovery Square. These sub-districts will drive the future of biomedical, research, education, and technology innovation in both the region and the state.
Dr. Lori Carrell is UMR’s Vice Chancellor for Academic Affairs and Student Development. Together with the leadership at UMR, Dr. Carrell is working to leverage the assets of America’s City for Health – from buildings and infrastructure to relationships and knowledge – to enhance learning and development of UMR’s students. DMC sat down with Dr. Carrell to reflect on her time at UMR so far.
The Destination Medical Center (DMC) investment in the Rochester community is more $6B; most of that privately funded. It is a 20-year initiative that will redesign the city creating a spillover benefit to the state of Minnesota as a whole. Rochester is home to the famed Mayo Clinic and a growing startup health technology community. The DMC will accelerate and complement what is already happening in Rochester, and will help Minnesota retain its place as the great state of everything healthcare.
The project is much more than a city planning and economic development effort as attendees at the first Board of Directors Senior Executive Briefing learned on February 17th at our Medical Alley Association (MAA) headquarters. Lisa Clarke, Executive Director of the DMC and Patrick Seeb, the head of economic development, delivered a briefing to approximately 40 guests of the MAA board, laying out the details of the enormous DMC effort, providing the why and the how.