This past spring, DMC reached a major milestone when the private investment threshold required to release state dollars for public infrastructure improvements was not only met but surpassed.
The unique economic development model set forth by the legislature in 2013 required that $200 million in private investments be committed to the DMC initiative before state funds could be released, and multiple projects of varying dollar amounts contributed to the threshold being exceeded by nearly $97 million. The Department of Employment and Economic Development certified the investment dollars so the state money could be released and used for local infrastructure improvements. With that certification now complete, the first of the state DMC funds are now available.
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.
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.