This past spring, DMC reached a major milestone when the private investment threshold required to release state dollars for public infrastructure improvements was not only met but surpassed.
The unique economic development model set forth by the legislature in 2013 required that $200 million in private investments be committed to the DMC initiative before state funds could be released, and multiple projects of varying dollar amounts contributed to the threshold being exceeded by nearly $97 million. The Department of Employment and Economic Development certified the investment dollars so the state money could be released and used for local infrastructure improvements. With that certification now complete, the first of the state DMC funds are now available.
How it works
Construction activity abounds throughout the DMC District, and each private dollar invested in these downtown developments – regardless of the project’s size – contributes to the funding DMC will receive the following year.
The exact amount of the funding is based on a simple formula and will vary from year-to-year, depending on the previous year’s private investments.
Why it’s important
Strategic investments in infrastructure have been shown to enhance economic growth – from increasing productivity and land values to improving energy efficiency and public health. With the first check for $2.7 million now available for use, the Rochester community can look forward to seeing improvements in transportation, public spaces, and other public projects.
“The recent release of the state dollars is a tangible step forward in realizing the DMC vision for Rochester,” says DMC Economic Development Agency Executive Director Lisa Clarke. “Continued interest from real estate investors and developers worldwide demonstrates ongoing confidence in this initiative and will result in improved roads, transit options, and more for visitors, patients, and community members alike.”
With more than $5 billion in private investments anticipated over the next 20 years, Rochester is well on its way to becoming the world’s premier destination for health and wellness.
To learn more about the private projects and investments in the DMC District, visit the Maps page.