Tag: Minnesota Department of Employment and Economic Development (DEED)

Opportunity Zones add to Rochester’s economic development toolbox

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A new program added to the tax code by the Tax Cuts and Jobs Act of 2017 provides Rochester, Minnesota with new economic development opportunities.

An “Opportunity Zone” is an economically-distressed community where under certain conditions new investments may be eligible for preferential tax treatment. Areas qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury through his delegation authority to the Internal Revenue Service.

Minnesota Governor Mark Dayton identified the Minnesota Opportunity Zones approved by the federal government. Two of those are in Rochester. A portion of the Opportunity Zones overlaps within the Destination Medical Center (DMC) district in downtown Rochester.

Media Release: DMC proves economic development model is working

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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.

DMCC board applauds progress in DMC sub-districts

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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.

Financial update

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.

Press Release: Progress and excitement build around Discovery Square as DMCC board supports Mortenson’s $35 million project in Rochester

Press Releases

ROCHESTER, Minn. (July 27, 2017) – The Destination Medical Center Corporation (DMCC) Board of Directors voted to approve the $35 million Mortenson project in the Discovery Square sub-district under the DMC Development Plan. The building is one in a series of DMC projects in the sub-district. The project will receive $4.9 million in DMC tax-increment financing.

“Today we take an important step forward with Discovery Square, a place where Minnesota’s next successful medical technology start-ups will be launched. This project will help diversify Rochester’s economy, create great jobs, and ensure Rochester remains America’s City for Health,” said Lt. Gov. Tina Smith, Chair of the DMC Board of Directors. “I thank Mortenson, Mayo Clinic, and the Rochester community for their work on this Discovery Square project. We have taken another important economic development step for the Destination Medical Center, Rochester, and Minnesota.”

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.

DMCC establishes executive committee to ensure continued progress

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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.

Lt. Governor Tina Smith and DEED launch #InnovateMN campaign

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Innovation is at the heart of Rochester’s entrepreneurial spirit and the vision of DMC. And while Rochester is undoubtedly a city focused on health and wellness, having a diverse workforce is critical to a strong and prosperous community.

Our state’s leaders have also recognized the importance of fostering innovation. Earlier this week, Lt. Gov. Tina Smith and the Department of Employment and Economic Development (DEED) launched #InnovateMN, a digital campaign to highlight original businesses throughout the state and help connect them with state funding.

Lt. Gov. Smith and DEED’s Commissioner, Shawntera Hardy, said the campaign will celebrate emerging technologies and discoveries in Minnesota by sharing stories of businesses and startups on the leading edge. With Minnesota ranking annually among the top five states in new patents, those stories are plentiful. “Innovation is embedded in our identity,” says Smith.

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.