DMCC board meeting is continuing with the DMCC Chair’s Report. Lieutenant Governor Tina Smith and chair of the DMCC board shared her excitement for Rochester and the recent announcements regarding the announcement of the proposed purchase of the Chateau Theatre by the City of Rochester with support of Mayo Clinic and the groundbreaking for the expansion of the Mayo Civic Center.
Next agenda item is a discussion regarding the DEED report to be submitted April 1. The DMCC/Mayo report to DEED provides the first full year of reporting toward the $200 million threshold of private investment that must be reached before the initiative becomes eligible for state funding to support public infrastructure projects. Mayo Clinic reported $39 million in eligible expenditures for 2014. Together with expenditures since July 1, 2013, the total is $46 million in eligible expenditures. Mayo Clinic has invested $576 million in Rochester during the past two years, most of which was not included in the conservative DMC calculation because approvals and building permits preceded DMC’s effective date of July 1, 2013.The City of Rochester will begin reporting eligible DMC private investments next year.
The board moved to approve the Resolution A in the agenda.
The Economic Development Agency update is next on the agenda.