Month: February 2025

Destination Medical Center Economic Development Agency (DMC EDA) has been awarded $750,000 in funding for a third round of the Main Street Revitalization Grant program. The funds, awarded by the Minnesota Department of Employment and Economic Development (DEED), will support economic development efforts in the DMC District and the Lowertown neighborhood.

DMC EDA will work closely with DEED in the coming weeks to prepare for program administration, with an anticipated launch in early April. More details, including application guidelines, will be made available on the DMC Main Street Grant website.

“Main Street businesses are an important part of Rochester’s economy. They create jobs and contribute to the unique character of our city,” said Patrick Seeb, Executive Director of DMC EDA. “This funding will allow us to continue supporting business owners as they invest in their spaces, attract customers, and build a thriving community.”

DEED awarded a total of $6.2 million in this round to nine organizations across Minnesota. In the first two rounds, DMC EDA distributed nearly $4 million to more than 70 businesses and organizations. The program has already had a significant impact—creating 300 permanent jobs and helping to fill 22 vacant storefronts in Rochester.

The Main Street Economic Revitalization Grant program is designed to provide matching grants for business property improvements, renovation, and development, helping to ensure Rochester remains a vibrant and attractive place to live, work, and visit.

Click here for more information on the third round of funding for the Main Street Economic Revitalization Grant program.

AMSTERDAM and MINNEAPOLIS and SAINT PAUL, Minn., Feb. 19, 2025 (GLOBE NEWSWIRE) — Minnesota MedTech 3.0, the U.S. Tech Hub for medical technology, has formed a strategic partnership with NLC Health Ventures, a world-leading venture builder in health and medtech, based in the Netherlands.

Minnesota MedTech 3.0 (MMT3.0) is a collaboration of more than 20 entities, organized through the GREATER MSP Partnership, to implement a shared strategy that will advance the country’s global leadership in medical device technology. Coalition leaders, including Minnesota Governor Tim Walz, GREATER MSP President and CEO Peter Frosch, Destination Medical Center Executive Director Patrick Seeb, and Mayo Clinic Innovation Exchange leader Dr. Charles Bruce, signed a memorandum of understanding (MOU) at the NLC Health Ventures headquarters in Amsterdam.

NLC is a leading global healthcare innovation platform with strong expertise in creating companies and bringing MedTech innovations from research to certified technologies that serve patients globally, headquartered in Europe and operating globally with emphasis on the United States.

As part of their commitment to collaborate, NLC will integrate into the MMT3.0 ecosystem for MedTech innovation, including a community with expertise in design and testing, clinical research, regulatory pathways, venture finance, and health systems adoption of technology. MMT3.0 will support NLC in its exploration of establishing a physical presence in Minnesota to locate its U.S. platform office, which will have the role of coordinating the start-up and incubation of medical technology companies in which NLC and its financial partners invest. MMT 3.0 and NLC will explore the creation of a joint investment fund to accelerate the presence of NLC and its portfolio companies in Minnesota, inspired by the vehicle NLC currently manages on behalf of the Dutch Ministry of Economic Affairs.

“The agreement we signed today establishes a new partnership that will accelerate Minnesota’s Med Tech 3.0 strategy by opening the American market to high-potential start-ups from the Netherlands and throughout Europe,” said Peter Frosch, President and CEO of GREATER MSP. “Building this global bridge will support the growth of good jobs across Minnesota while helping us deliver new healthcare solutions to the country and the world.”

“We are thrilled to support the partnership between MMT 3.0, NLC, and the Dutch HealthTech ecosystem. Minnesota is an ideal U.S. market entry point for fast-growing international HealthTech companies,” said Patrick Seeb, Executive Director, Destination Medical Center. “At DMC, we remain focused on building world-class HealthTech infrastructure, fostering a thriving ecosystem, and increasing global awareness of Rochester’s role in medical innovation. The partnership between DEED, Greater MSP, Medical Alley, DMC, Mayo Clinic, and many others is critical in attracting and supporting groundbreaking companies that will shape the future of healthcare.”

Building on the strengths of both organizations, this partnership combines MMT 3.0’s knowledge of the U.S. healthcare system with NLC’s proven expertise in creating and scaling successful health ventures. Together, they aim to drive investment and collaborative support for new medical technology innovation and company formation, development and growth in Minnesota.

“NLC aims to make the world a better place by bringing science to life. Without borders, but by enabling talent globally. We identify and advance groundbreaking intellectual property from around the world and establish and nurture companies that transform these innovations into technologies that deliver meaningful impact to patients,” said Bert Arjan Millenaar, Founder & CEO, NLC Health Ventures. “Minnesota stands out as one of the world’s leading MedTech hubs, and we already maintain strong collaborations with esteemed institutions such as Mayo Clinic and Medtronic. We are eager to deepen our engagement within the Minnesotan ecosystem and collaborate closely with the strategic stakeholders of MMT3.0. The region’s expertise, proximity to key industry leaders, and spirit of collaboration make Minnesota an ideal launchpad for our European companies to establish their U.S. presence, as well as a fertile environment for the creation of new ventures.”

“This partnership is a testament to Minnesota’s strength in health care solutions and will bring new opportunities to grow the medical technology industry,” said Minnesota Governor Tim Walz. “We look forward to strengthening this endeavor, bringing investment and jobs to Minnesota, while expanding our leadership on a global stage.”

Minnesota MedTech 3.0 builds on region’s strengths in medical technology to create a medical device ecosystem that is even more connected, more strategic and “smarter” by incorporating cutting-edge technologies, such as artificial intelligence, machine learning and data science. It aims to deliver results that matter to patients, hospitals, insurers, and medical-device manufacturers, such as faster innovation, new products and better health outcomes, in ways that manage rising costs. Building MedTech 3.0 in Minnesota will deliver thousands of good-paying jobs, spur a new generation of start-ups and attract billions of dollars in private capital.

Minnesota was designated the U.S. Tech Hub for medical technology in 2023 by the U.S. Department of Commerce because of the region’s global leadership in the sector and the new 3.0 strategy to build the sector’s next frontier. Historically, Minnesota has been home to globally leading companies and institutions that helped establish a strong MedTech ecosystem. What’s different with MedTech 3.0 is that the leaders of all these organizations are aligning around a shared strategy. This hub now connects the region’s medical-device manufacturers with other parts of healthcare system, such as healthcare providers, insurers, information technology firms, private capital, research institutions and government. The coalition will also incorporate existing programs and solutions to speed up and improve the innovation process.

About Minnesota MedTech 3.0

Minnesota MedTech 3.0 is a coalition of the GREATER MSP Partnership that includes Allina Health, Boston Scientific, Brown Venture Group, Center for Economic Inclusion, Fogarty Innovation, gener8tor, Governor’s Workforce Development Board and Minnesota Department of Employment and Economic Development, HealthPartners, Mayo Clinic, Medica, Medical Alley Association, Metropolitan Economic Development Association (MEDA), Medtronic, Minnesota State, Minnesota Technology Association, MN SBIR, MSP Equity Fund, Shakopee Mdewakanton Sioux Community, State of Minnesota–Office of Governor Tim Walz, University of Minnesota, and Vensana Capital.

(Rochester, Minn.) February 6, 2025 – The Destination Medical Center Corporation (DMCC) Board of Directors convened today to approve several transformative projects aimed at strengthening Rochester’s infrastructure, expanding transit-oriented development, and preserving the city’s historic character. The approved initiatives include the 2nd Street Public Realm Enhancement project, the creation of the West Transit Village tax increment financing (TIF) district, funding for the Downtown Historic District Infrastructure Program, and near-term improvements to Peace Plaza.

“These projects reflect the vision and partnership that continue to drive Rochester’s growth,” said DMCC Board Chair Pam Wheelock. “From improving mobility to expanding housing and preserving our historic core, each initiative strengthens the foundation of our thriving, connected city.”

2nd Street Public Realm Enhancement: Improving Connectivity and Livability

The DMCC Board approved financial support for land acquisition and park improvements along the 2nd Street corridor, a key downtown connection and the future route of the LINK Bus Rapid Transit (BRT) system. The proposed project will create pedestrian-friendly spaces, including a mid-block passageway that breaks up a long stretch of development, making the corridor more walkable and accessible.

“As LINK BRT transforms how people move through Rochester, enhancing the surrounding public space is just as important,” said DMCC Board Member Schubring. “This investment will ensure that residents, businesses, and visitors can fully benefit from a more connected, welcoming environment.”

West Transit Village TIF District: Enabling Mixed-Use Development and Transit Access

To support the development of the West Transit Village, the DMCC Board authorized the use of DMC tax increment financing (TIF). The TIF district will help fund critical infrastructure needed to realize the vision for this transit-oriented neighborhood, which will feature housing, retail, and public spaces alongside the western terminus of the LINK BRT corridor.

“The West Transit Village is a bold step toward creating a transit-focused, livable neighborhood,” said DMCC Board Member Rybak. “This project will provide housing, retail, and amenities that make the BRT corridor an attractive and sustainable choice for residents and commuters.”

Downtown Historic District Infrastructure: Preserving Rochester’s Heritage

The DMCC Board approved funding for a historic property improvement project at 224 1st Ave SW, supporting electrical upgrades that will improve safety and functionality. DMC will allocate $22,500 toward the project, which has a total estimated cost of $45,000.

“Preserving our historic buildings is an investment in Rochester’s identity and future,” said DMCC Board Member Williams. “By supporting projects like this, we are ensuring that our downtown remains vibrant and welcoming while maintaining its unique character.”

Heart of the City: Enhancing Peace Plaza for Accessibility and Future Planning

To improve the pedestrian experience in Peace Plaza, the DMCC Board approved up to $175,000 in DMC funding for near-term enhancements and technical analysis.

This funding will support two key efforts:

• Immediate improvements to pedestrian pathways, addressing navigation challenges identified in community interviews. Work will include resetting smooth pavers, replacing some raised letter pavers with smooth alternatives, and adding visual cues to help differentiate walkways from artistic elements.
• Engineering, surveying, and cost analysis to guide future improvements. This study, expected to be completed by late summer 2025, will inform long-term enhancements to Peace Plaza.

With these approvals, DMCC and its partners continue to invest in Rochester’s future, fostering economic growth, accessibility, and a high quality of life for residents and visitors.

The next DMCC Board meeting is set for Thursday, May 22, 2025 at 9:30. a.m.