DMC Report Identifies $152M in Private Investments
Rochester, MN (KROC-AM News) - The late winter storm that hit southeastern Minnesota prevented the Destination Medical Center Corporation Board from convening a meeting scheduled on Thursday, but DMCC Board Chair Tina Smith released draft report that shows there has been over $152 million and private sector investment in Rochester since July 2013.
The report also indicates the Mayo Clinic and City of Rochester had over $87 million in eligible private sector investments last year. The report will be presented to the Minnesota Department of Employment and Economic Development for certification as the state tracks the eligible private investments that will be counted toward the $200 million threshold for the release of state funds to support the DMC initiative.
"With Mayo Clinic leading the way, Rochester saw a significant increase in private investment in 2015. This report further affirms the growing interest of developers and entrepreneurs in the DMC and Rochester’s reputation as premiere health care destination,” said Lt. Governor Tina Smith, DMC Corporation Board Chair. “I expect this progress will continue throughout the rest of 2016 – allowing us to attain the $200 million threshold necessary for the state contribution to become available.”
The DMC legislation authorizes a total of $585 million in public funding for the effort to transform Rochester into world-class destination for medical care. The DMCC board is expected to officially approve the report and a rescheduled meeting in April.