ROCHESTER, Minn. (July 27, 2017) – The Destination Medical Center Corporation (DMCC) Board of Directors voted to approve the $35 million Mortenson project in the Discovery Square sub-district under the DMC Development Plan. The building is one in a series of DMC projects in the sub-district. The project will receive $4.9 million in DMC tax-increment financing.
“Today we take an important step forward with Discovery Square, a place where Minnesota’s next successful medical technology start-ups will be launched. This project will help diversify Rochester’s economy, create great jobs, and ensure Rochester remains America’s City for Health,” said Lt. Gov. Tina Smith, Chair of the DMC Board of Directors. “I thank Mortenson, Mayo Clinic, and the Rochester community for their work on this Discovery Square project. We have taken another important economic development step for the Destination Medical Center, Rochester, and Minnesota.”
Initiatives with the magnitude and impact of Destination Medical Center sometimes require board-level decisions to be made between official board of directors’ meetings. In instances like these, an executive committee is often charged with fulfilling limited board responsibilities to help maintain an organization’s momentum relative to time-sensitive issues and ensure projects continue to move forward as scheduled.
In January 2017, the Destination Medical Center Corporation (DMCC) Board of Directors approved a Resolution establishing an executive committee to do just that. As outlined by the Resolution, the committee may act only during intervals between board of directors’ meetings and is subject to the authority and direction of the full board.
Board also reviews Mortenson roadmap for Discovery Square Project
ROCHESTER, Minn. (Feb. 8, 2017) – Highlighting the growing momentum of the Destination Medical Center initiative, the DMCC Board of Directors today approved a $38 million mixed-used development project. The development would bring 156 market-rate apartments, retail shopping, public parking and pedestrian access to downtown Rochester.
“The Destination Medical Center and Rochester continue to attract private investment and innovation, as our actions at this Board meeting demonstrate,” said Lt. Gov. Tina Smith, chair of the DMCC Board. “The momentum with Discovery Square, which will be a nation-leading center for life science innovation, is especially encouraging. We need to keep this momentum going and continue working with Rochester, Mayo Clinic, and the private sector to expand jobs and opportunity in America’s City for Health, and all of Minnesota.”