“Destination Medical Center is working.”
(Rochester, Minn.) March 10, 2022 – The Destination Medical Center Corporation Executive Committee approved a report documenting 2021 private investment in the DMC district of more than $155 million. This brings the cumulative total to more than $1.3 billion in private investment since the beginning of the DMC initiative in 2013.
The 2021 figures include $110.6 million in Mayo Clinic investment and $44.7 million by other private investors. The 2021 private investment, along with the cumulative investment since 2013, will release approximately $29.2 million in state public infrastructure funding later this year.
DMCC Board Secretary Pamela Wheelock said, “These have not been the easiest couple of years to do any kind of investment in any community. This is something to pause and recognize and celebrate. So, congratulations to all of you who have done the heavy lifting to make that possible.”
The state aid supports many community benefits including new jobs and businesses, accessible public spaces, generational improvements to streets and sewers, increased mobility options, greater arts and culture programming and overall downtown vibrancy.
When asked about projections for 2022 and beyond, DMC Executive Director Patrick Seeb highlighted Mayo Clinic’s 5-Year Plan that documents future capital improvements for their Rochester campus, potential development in the proposed Link Rapid Transit corridor, as well as resources from the Main Street Grant program from the Minnesota Department of Employment and Economic Development as points of optimism. “Like all markets we may face headwinds due to commodity pricing, supply chain disruptions, interest rates, and workforce. One area we do address is workforce. With the mayor leading the way with the Bloomberg Global Challenge around women in construction, specifically BIPOC women, we will continue to see growth of our workforce in the built environment.”
2021 private investments, an $11 million improvement over 2020, were seen in housing, hospitality, and life science, as well as vital improvements to the rebounding downtown sector.
“I would just like to say how proud I am to pass along this report to the state. Along with leveraging private investment, we are seeing housing for our incoming workforce and small businesses and entrepreneurs reinvesting in Rochester. We can see that Destination Medical Center is working,” said DMCC Chair R.T. Rybak.
To release state funding over the span of the initiative, DMCC must present the Minnesota Department of Employment and Economic Development (DEED) with an annual accounting of qualified private investments from Mayo Clinic and other private investors in the DMC district. DEED is then responsible for certifying the investments and qualifying DMC to receive state funding for public infrastructure projects.
The next DMCC Board Meeting is scheduled for May 18, 2022 at 9:30 a.m.
Destination Medical Center (DMC) is the largest public-private economic initiative in Minnesota’s history. The 20-year plan to transform Rochester into a global destination for health and wellness will attract developers, investors, startups, and entrepreneurs to live, work and play in America’s City for Health. For more information, visit dmc.mn.