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 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.
It’s going to take a lot of money to redo Rochester, but that’s the bold aim of a Mayo Clinic project known as Destination Medical Center.
The DMC, begun in 2013, will see Mayo expand its campus as the city of Rochester invests in new infrastructure to support more employees, more patients and more businesses. By 2033, when the plan turns 20, the city should be a shining example of public-private partnership and an international hub for health care, research and medicine. That’s the plan.
So how much money does it need? Mayo officials say they will invest $3 billion over the DMC’s lifetime, and expect to court an additional $2.1 billion in private investment.
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ROCHESTER, Minn. (April 18, 2016) – At today’s special board meeting, the Destination Medical Center (DMC) Corporation Board of Directors discussed the DMC development process and heard updates from the DMC Economic Development Agency (EDA) and the City of Rochester on development and investment activity within the DMC District, including two DMC priorities — Discovery Square and Heart of the City.
As part of the new DMC development process, the DMC EDA staff has been working with City of Rochester staff and the development community to prepare a developer resource guide. The guide includes tools and resources to assist developers as they consider development opportunities within the DMC District, including information on the project review and approval process and potential funding sources.
The level of commitment for economic growth in Rochester is becoming more and more apparent with increased development and investment activity in the DMC District.
Due to inclement winter weather, the Destination Medical Center Corporation (DMCC) Board has modified the agenda for March 24, 2016 meeting.
In its only action, the DMC Corporation Board will review the draft report on private investment to the Minnesota Department of Employment and Economic Development (DEED) and consider a required resolution authorizing the report to be submitted to DEED.
The DMC Corporation will postpone remaining agenda items to be addressed at a special April meeting (date yet-to-be-determined).
The abbreviated meeting for March 24 will be held from 9:30 to 10:00 a.m. at the Mayo Civic Center, McDonnell Suite. DMC Corporation Board members Ardell Brede and Mark Hickey will be attending in person; other Board members will be participating via Skype.
The public is welcome to attend in person or follow the live stream here.