Latest DMC Press Release
Private Investment Doubled in the DMC District in Rochester, Minnesota Exceeding a Quarter Billion Dollars in 2018(Rochester, MINN) March 21, 2019 - The Destination Medical Center Corporation (DMCC) today announced that private investment in the Destination Medical Center (DMC) district totaled $262 million in 2018, a 100 percent increase over 2017. The 2018 private investment will release approximately $13.5 million in state public infrastructure funding. Since 2013, DMC has generated more than $690 million in private investment for development in Rochester. “This is good news and is demonstrating that the DMC model is working,” said DMCC Board Chair R.T. Rybak. “Investors and developers are supporting the DMC vision. Their investments in Minnesota’s largest economic development initiative will benefit the entire state.” “The downtown we envisioned just a few short years ago is becoming a reality,” said Lisa Clarke, DMC Economic Development Agency executive director. “The infusion of capital that is transforming Rochester is creating new living and hospitality choices as well as opportunities for startup businesses.” Private investment in 2018 exceeded all previous DMC single-year investment totals. Among the highlights were:
- Mayo Clinic investments totaling $126.5 million, the largest single-year total and a year-over-year increase of $40.5 million (+47 percent)
- Non-Mayo private investments of $135.4 million, the largest single-year total and a year-over-year increase of $90.4 million (+201%)
- Private investment in 2018 qualified DMC for $13.5 million in 2019 state aid
DMC Development Plan
DMC Development Plan Executive Summary
Don’t have time to read the 700 page document? This is a condensed 50 page document that highlights priorities for the first five years and DMC project approval criteria.
Comprehensive DMC Development Plan
DMC is guided by a comprehensive, 20-year development plan that serves as a strategic business plan and framework for implementation of the initiative.
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The Destination Medical Center Corporation serves as the governing board responsible for providing oversight and ensuring that planning and implementation of the DMC initiative supports the legislative intent and public purpose as defined in the statute.
The non-profit DMC Economic Development Agency (EDA) is a private economic development corporation authorized by the DMC statute to provide services to the DMC Corporation.
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