Destination Medical Center proves the Economic Development Model is working as board members applaud efforts
Rochester, Minn. (March 22, 2018) – The impact of Destination Medical Center (DMC) is being felt throughout the southeast Minnesota region, and DMC Corporation (DMCC) board members recognized considerable progress toward several private developments and previewed some proposed projects that continue to showcase Rochester as a prime market for investors, developers and entrepreneurs.
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.
To help these complementary efforts succeed, RAEDI recently launched the Southeast Minnesota Capital Fund, which was spearheaded by J2G back in 2015 when the group recognized that one of the primary barriers for startups was the lack of local angel financing.
The DMC Discovery Square Investors & Innovators Forum is the perfect venue for start-ups, spin-offs, and experienced entrepreneurs to pitch their pioneering ideas, technologies, or solutions.
Now in its second year, Destination Medical Center (DMC) will bring together investors and innovators from around the state to foster conversation, encourage collaboration, and grow partnerships in hopes of advancing healthcare at the 2017 Investors & Innovators Event on Tuesday, October 10.
The Discovery Square Investors & Innovators Forum will run from 1:30 – 4:30 p.m. in the Riverview Suites at the Mayo Civic Center in downtown Rochester.
With all the activity taking place in the Destination Medical Center (DMC) District, the recent DMC Corporation Board of Directors meeting agenda was a full one and included updates on DMC’s top development priorities, such as Discovery Square and Heart of the City.
At the end of 2016, private investment in the DMC district surpassed $200 million, the threshold required to trigger the release of State dollars to support Rochester’s infrastructure needs. It was reported at the meeting that the Minnesota Department of Employment and Economic Development (DEED) certified the report and has authorized the release of $2.6 million of the state money for local infrastructure improvements by September.
“This is the reason we’ve been doing this for the past several years,” says DMCC board vice-chair R.T. Rybak. “I encourage the staff to take time to celebrate this achievement.”
Discovery Square Developments
One of six DMC sub-districts, Discovery Square will be a live-work environment organized around attracting and retaining the best and brightest to our community. While there is progress taking place in all of six sub-districts, Discovery Square is a board-identified priority for DMC, as are Heart of the City and transportation.
Private investment is critical to the balanced growth of a city’s economy and workforce, and a growing number of Americans are investing less in Wall Street and more in their local communities. Rochester is no different.
To help illustrate the many ways individuals are transforming Rochester, DMC has created a video series called “DMC Rochester, MN Storyteller Videos.” These snapshots of forward-thinking people and approaches showcase the opportunities that exist in Rochester as DMC sets in motion a new future for America’s City for Health.
In the Middle of Investment
Companies, non-profits, and individuals – local and global – have demonstrated confidence in the future of the Destination Medical Center (DMC) initiative by investing in projects throughout the DMC District. In March, that investment resulted in DMC not only meeting but exceeding the $200 million threshold required to release state infrastructure dollars, with investments at that time totaling $297 million.
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.
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.