The Destination Medical Center Corporation (DMCC) Board of Directors has approved public infrastructure funding of four new downtown Rochester development projects.
The DMC funding of $11.82 million supports $342 million in new investment, that includes waterfront development, Heart of the City redevelopment, and new hotel concepts. The projects will result in the creation of more than 450 new, permanent jobs and nearly 600 construction jobs.
The city of Rochester administrative staff has put its support firmly behind the use of tax-increment financing in conjunction with one of the city’s most public development proposals, a Holiday Inn at Second Street Southwest.
City administration spent about three weeks compiling a report that reviewed development issues related to the Holiday Inn development and other development questions in the Second Street Southwest corridor. City Administrator Stevan Kvenvold provided the report to the Post-Bulletin on Tuesday.
“The city staff after that last (Destination Medical Center Corp.) Board meeting took it upon themselves to keep getting some information put together so we could keep continuing and hopefully make some decision for the developer, who has been at it for some time,” Kvenvold said Tuesday.
