(Rochester, Minn.) February 1, 2024 – At the quarterly Destination Medical Center Corporation (DMCC) Board of Directors meeting, the board directed DMC EDA staff to develop a program to support capital improvements to downtown properties. Board members discussed the importance of a vibrant historic Mainstreet experience. “The downtown is vital to the growth and success of Rochester,” board member R.T. Rybak said. “Beyond the cultural and historical significance, downtown contributes significantly to the tax base and to the overall health of this community.”
DMC EDA staff will collaborate with the City of Rochester and other stakeholders and return to the board with a recommended approach at the next regular meeting of the DMCC board.
The board also noted the importance of accelerating housing development, noting the current and future unmet needs. Members discussed strategies such as tax increment financing (TIF) for market-rate housing that has been used in other communities.
“This is a broader community question,” said board member Paul Williams. “I would like to see goals set and be more visible in how we push toward those goals. I applaud the city for setting aside TIF funding for affordable housing.”
In other action, the board officially affirmed DMC as a partnering organization in the Minnesota MedTech 3.0 (MMT3.0) consortium. The purpose of this action was to meaningfully contribute to the MMT3.0 grant application project plan, the goal of which is to be awarded $40-$70 million in U.S. Economic Development Administration funding to grow Minnesota’s global market share in the medical technology industry.
“This is an unprecedented opportunity for Rochester and for Minnesota,” said board member Jim Campbell. “To be able to tap into federal dollars to advance our standing on the world stage is a winning proposition.”
MMT3.0 is a strategy to build a MedTech ecosystem that is even more connected, more strategic, and “smarter” through the incorporation of cutting-edge technologies, such as artificial intelligence, machine learning, and data science. The growth of this ecosystem will attract Smart MedTech businesses from the region and around the world to invest in Minnesota.
Additionally, the board unanimously approved the resolution to submit the DMCC-City Annual Report to the Minnesota Legislature. The statutorily required report includes the DMC development plan, progress on projects in the development plan, actual costs & financing sources for projects completed in the past two years, estimated costs & financing sources for the next two years, as well as debt service schedules for outstanding obligations of the city for debt service issued for projects identified in the plan.
The next regular DMCC Board meeting is set for May 23, 2024 at 9:30. a.m.
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About DMC
Destination Medical Center (DMC) is the largest public-private economic initiative in Minnesota’s history. The 20-year plan to transform Rochester into a global destination for health and wellness will attract developers, investors, startups, and entrepreneurs to live, work and play in America’s City for Health. For more information, visit dmc.mn.