Rochester, Minn. (March 22, 2018) – The impact of Destination Medical Center (DMC) is being felt throughout the southeast Minnesota region, and DMC Corporation (DMCC) board members recognized considerable progress toward several private developments and previewed some proposed projects that continue to showcase Rochester as a prime market for investors, developers and entrepreneurs.
Action by the Board included authorization of a 2017 private investment report to the Minnesota Department of Employment and Economic Development (DEED) totaling more than $131 million. To release state DMC funding over the span of the initiative, DMCC must present DEED with an annual accounting of qualified private investments made within the DMC district. DEED is then responsible for certifying the investments and qualifying DMC to receive state funding for public infrastructure projects.
Since 2013, DMC has generated more than $428 million in private investment, and in 2018, state aid is expected to total $7+ million.
“Today we saw that DMC is generating significant new private investment, which allows us to invest in places everyone can enjoy – connections to the river, future events at the historic Chateau Theatre and active streets for pedestrians,” said R.T. Rybak, DMCC board chair.
“This great progress demonstrates the strength of both the Rochester community and the entire southeast Minnesota region as economic generators,” said Lisa Clarke, DMC Economic Development Agency Executive Director. “And it’s only going to get stronger, thanks to continued collaborative efforts from our public and private partners.”
The Board also authorized the use of 2018 capital improvement funds for design costs and improvements to the historic Chateau Theatre and to advance the design of the public realm in the Heart of the City sub-district, focusing on First Avenue and the east end of Peace Plaza.
DMCC board members were presented with several key findings from the on-going transportation studies, which address transit infrastructure, policy, and management, phasing and funding. Public engagement activities are planned for late April and early May. Formal approval is expected to occur at the June DMCC board meeting.
In addition to Rybak as the new DMCC board chair, Rochester Mayor Ardell Brede will serve as vice-chair, with Jim Campbell serving as treasurer.
The next DMCC Board of Directors meeting is June 28, 2018, with special meetings scheduled as necessary.