Tag: Funding

Increased funding options offer opportunity for SE MN entrepreneurs

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Access to capital is a common obstacle faced by entrepreneurs looking to launch and grow businesses. Communities that offer diverse funding options for innovators tend to be healthier and more prosperous than those without.

Since there is no single blueprint for financing the launch or expansion of a business, area leaders have worked tirelessly to create new funding sources to help enhance the local entrepreneurial environment and get these businesses off the ground.

These funding sources will be of critical importance to Destination Medical Center (DMC) as the DMC Development Plan positions Discovery Square as a keystone to the DMC economic strategy, resulting in the need for multiple sources of readily available capital for new and growing businesses.

Press Release: Major Milestone: DMC exceeds $200 million private investment threshold for unlocking state dollars

Press Releases

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.”

A major milestone: DMC exceeds $200M private investment threshold for unlocking state dollars

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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.

Lt. Gov. and DMC Corp. Board Chair Tina Smith

“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.

Kicking off 2017: DMC puts you in the middle of it all

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The DMC vision is not one that can be accomplished alone – or overnight. But with the advancements that took place on the DMC Development Plan over the past year, Rochester is well on its way to becoming a premier global medical destination.

It doesn’t take an urban planner to recognize the qualities it takes for a city to be successful. DMC is in the middle of it all: growth, investment, culture, community, innovation… the list goes on. And Rochester is hitting the mark on each attribute, ensuring 2017 will be another year of success.

Growth: A map on the DMC website highlights the fourteen projects currently in various stages of development in the DMC district, including the Alatus Development Project in St Marys Place (#14), the Titan-OPUS Project in Discovery Square (#3), and the Lofts at Mayo Park in the downtown Waterfront (#9), just to name a few.

Investment: Private investment gained significant momentum during 2016 that put DMC on course to reach the $200 million threshold that unlocks $585 million in public funds spanning over 20 years.

DMCC Board approves $115M mixed-use development for St. Marys Place sub-district

Press Releases

The Alatus Development project will add over 347 residential units, restaurant, commercial, and retail space. Project highlights growing momentum of Destination Medical Center initiative, with over $200 million in development since 2013.

ROCHESTER, Minn. (Dec. 15, 2016) – The Destination Medical Center Corporation (DMCC) Board of Directors today approved the $115 million Alatus LLC 2nd Street Development Project for the DMC St. Marys Place sub-district subject to a final review of the project’s financing. The 13-story mixed-use development is expected to include over 347 residential units, 13,500 square feet of ground floor retail space, and 7,500 square feet of second-floor office and retail space.

Mayo Clinic’s recently awarded grant complements Discovery Square

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The Mayo Clinic has been awarded $142 million in funding from the National Institutes of Health to create a research repository of biologic samples to advance precision medicine.

The grant complements the Destination Medical Center’s efforts to position Rochester – and specifically Discovery Square – as an international hub for medical innovation.

“Discovery Square is the economic engine for DMC. It represents the future of biomedicine, research, and technology innovation and is anticipated to be one of the largest drivers of job growth in Rochester,” says Lisa Clarke, executive director of the DMC Economic Development Agency.

Mayo NIH
Photo credit: Mayo Clinic

DMC Corp. board of directors meeting highlights downtown development

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Downtown development received top billing at the most recent meeting of the Destination Medical Center (DMC) Corporation Board of Directors.

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Rendering: Downtown Waterfront sub-district

Abu Dhabi-based Bloom Properties gave an update on a mixed-use project that will be anchored in the Downtown Waterfront sub-district. The $180-200 million project will include residential, hospitality, and retail space, as well as space for outdoor concerts and ice skating.

Board member and former Minneapolis Mayor R.T. Rybak called the proposal “a home run,” saying it meets a lot of the DMC’s goals for housing, retail, and community spaces.

$1.8 billion in infrastructure planned with DMC

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In the next two decades, Rochester leaders will face the largest public infrastructure decisions in the city’s history. In tandem with the Destination Medical Center initiative, about $1.8 billion in infrastructure projects are on the city’s near horizon.

Of the estimated $1.8 billion in infrastructure identified in the DMC Development Plan, about $720 million is targeted to create 16,000 new structure parking spaces; $348 million is envisioned to create a downtown transit circulator; and $112 million is planned for other transit, streets and city loop improvements, according to city documents.

Press Release: Destination Medical Center Corporation Board Announces $152.4 Million in Total Private Investment

Press Releases

State Report on Private Investment Shows DMC on Track to Surpass $200 Million Threshold by End of 2016

ROCHESTER, Minn. (March 24, 2016) – On behalf of the Destination Medical Center (DMC) Corporation Board of Directors, DMC Board Chair Lt. Governor Tina Smith will present the 2015 private investment draft report to the Minnesota Department of Employment and Economic Development (DEED) for certification. The report shows $152.4 million in private sector investment in Rochester since July 1, 2013. During 2015, Mayo Clinic and the City of Rochester reported a total of $87.6 million in eligible private sector investments.