ROCHESTER, Minn. (March 23, 2017) – The Destination Medical Center Corporation (DMCC) Executive Committee announced today that the DMC economic development initiative exceeded the $200 million private development investment threshold –needed to trigger the release of state DMC dollars to be used for public infrastructure improvements – by $97.7 million, totaling $297.7 million in private investment.
“Reaching this important milestone reaffirms that we are on the right track, and Rochester is already experiencing growth and new opportunities,” said Lt. Gov. Tina Smith, DMCC Board Chair. “With the $200 million threshold met, I look forward to working with the State of Minnesota, Rochester community and Mayo Clinic to invest in transportation, world-class amenities, and other public infrastructure that supports opportunity for everyone.”
The DMC Corporation (DMCC) Executive Committee announced today that the private investment threshold of $200M needed for DMC to receive state dollars for public infrastructure improvements has been met. In fact, private investments in the DMC District from July 2013 through the end of 2016 totaled nearly $298M, exceeding the $200M requirement by nearly $100M.
“Reaching this important milestone reaffirms that we are on the right track, and Rochester is already experiencing growth and new opportunities,” says Lt. Gov. Tina Smith, DMCC Board Chair, who submitted the 2016 private investment draft report to the Minnesota Department of Employment and Economic Development (DEED) on behalf of the DMCC Board.
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.