The DMC Corporation (DMCC) Executive Committee announced today that the private investment threshold of $200M needed for DMC to receive state dollars for public infrastructure improvements has been met. In fact, private investments in the DMC District from July 2013 through the end of 2016 totaled nearly $298M, exceeding the $200M requirement by nearly $100M.
“Reaching this important milestone reaffirms that we are on the right track, and Rochester is already experiencing growth and new opportunities,” says Lt. Gov. Tina Smith, DMCC Board Chair, who submitted the 2016 private investment draft report to the Minnesota Department of Employment and Economic Development (DEED) on behalf of the DMCC Board.
“With the $200M threshold met,” Smith continues, “I look forward to working with the State of Minnesota, Rochester community and Mayo Clinic to invest in transportation, world-class amenities, and other public infrastructure that supports opportunity for everyone.”
Projects of varying dollar amounts contributed to the threshold being met, validating the unique economic development model established by the Legislature in 2013, which required private investment be committed before state DMC funds could be released for use. From high-dollar new construction efforts to less costly improvements on existing structures, each project helped DMC to reach the tipping point for the state funds.
“The momentum we’re building, based on this business model, has never been stronger,” says Lisa Clarke, executive director of the DMC EDA. “We currently have 14 projects with a total value of more than $700M under development or in the planning phases, and we’re receiving strong interest from real estate investors and developers from around the globe. Private investment and development, anchored by the creation of extraordinary public space and infrastructure, will provide unique, world-class experiences for patients, visitors and community members.”
With more than $5B in private investments anticipated over the next 20 years, much of which will come from Mayo Clinic, Rochester will be positioned to become the world’s premier destination for health and wellness.
“This milestone ensures that key infrastructure investments will occur, solidifying Rochester as a national and international destination for patients with serious to complex healthcare needs while also continuing to serve the needs of our community,” says Jeff Bolton, Chief Administrative Officer of Mayo Clinic and president of the DMC EDA Board of Directors. “This investment will grow the economy of the greater Rochester area and the state of Minnesota.”