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 is 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.”
During the meeting, the DMCC board recognized the certification of the 2016 DMC private investment figures by the Minnesota Department of Employment and Economic Development (DEED). This move allows the State of Minnesota to provide the first annual installment of public infrastructure aid, totaling approximately $2.68 million in fiscal year 2018, to the City of Rochester and the DMCC.
Other updates provided information on the public realm design of the Heart of the City, Chateau Theatre, and St. Marys Place; a progress update for the Alatus, Titan-Opus, and Titan Hilton projects; the work of the DMC Energy Integration Committee and the impact of the DMC marketing plan.
“Today we continued to see the momentum of the DMC initiative,” said Lisa Clarke, Executive Director of DMC. “By voting to approve this Discovery Square Public Infrastructure Project, the board has advanced the goal of making Rochester a global destination for health, wellness and research. This project, the third DMC project in the last year, further validates the DMC vision and the strength of the Rochester real estate, development, and investment markets.”
The next scheduled meeting of the DMCC Board of Directors will take place on November 2, 2017.
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.