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DMC $200M Goal Reached and state money to start flowing

 Impact Lvl 1: Arts & Culture ; Economic Development ; Sustainability ; Transportation ; Vision/Identity
Public Report on Destination Medical Center (DMC) led by DMC EDA
Last modified: July 19, 2017

Contents

Highlights

Having reached the local investmen of $200M, the city will receive $2.75 for each $100 spent beyond the $200 million.

Contents

July 20, 2017 Status Per PB

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According to the report filed with DEED, $297.7 million had been invested in local construction efforts during a four-year period starting in 2013.

Last year saw $145.3 million in private investment, with the largest share — $107.2 million attributed to Mayo Clinic spending. The nearly $38.1 million in additional private investment ranged from $12.5 million spent on the 501 on First Apartments to $200 used to alter a rental unit on Fifth Avenue Northwest.

Under DMC legislation, the city receives $2.75 for each $100 spent beyond the initial $200 million in private investment.

The funding will be the first of 20 annual state checks expected to help fund public infrastructure, which could include transportation efforts and public space redesigns.

Approval of the 2016 report means the city will see at least $2.68 million each year for two decades. Additional funding will occur each year with new reports of private investment.

Last year's report included partial investments in at least three projects that have since opened. In addition to the 501 on First project, it included nearly $5 million spent on First Avenue Flats, 400 First Avenue NW, and $6.3 million for Lofts at Mayo Park, 123 Sixth Avenue SE.

It also included $2 million spent on the Conley-Maass building at 14 Fourth St. SW, and $8.9 million on Flats on Fourth, 412 Third Ave. SE, which is still under construction.

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March 2017 Status

DMC Private Investment

 

 

$200 million goal reached

Per DMC Website 2017-03-21

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.

The executive committee is governed by the same laws as regular board meetings and is limited on which decisions it can enact. For example, the executive committee cannot change the development plan, issue bonds, submit the annual report to the legislature, approve project funding requests, or amend the board articles of incorporation or bylaws. These functions, as well as those that include investment of public infrastructure funds, are the prerogative of the full board of directors, as outlined by DMC law.

Implementation of an executive committee allows the DMC Corporation to respond promptly to market activity while also providing the transparency expected of a private-public partnership. In a private-market-driven initiative, DMC must move as swiftly as community members, developers, investors, and other stakeholders would expect in order for DMC to succeed.

To better illustrate this need, let’s refer to the Alatus project. In December, the full DMCC Board of Directors approved the Alatus request under the condition that Alatus provide “proof of financing satisfactory to the board” for the public infrastructure funds to be available. This Thursday, the executive committee will hold its first meeting during which members will discuss the Alatus project’s financing plans on behalf of the board to keep the project moving forward.

Thursday’s meeting agenda will also include discussion of the annual Minnesota Department of Employment and Economic Development (DEED) filing concerning private investment within the DMC districts and the financial threshold of private investment that must be crossed before state DMC dollars will be released for public infrastructure improvements. The financial threshold of private investment is a time sensitive topic and will, therefore, be addressed at the executive committee meeting rather than delayed until a regular DMCC Board meeting takes place.

Public notice about DMCC executive committee meetings will be communicated in the same manner as other public meetings, including the City of Rochester website and the DMC website. Opportunity for public comment at executive committee meetings will be determined based on the agenda and noted as such. This week’s agenda will not allow for public comment.

The DMCC Executive Committee meeting will be held on Thursday, March 23, 2017, from 9-10 a.m. at the Mayo Civic Center in Meeting Room 101.

For more information about the meeting, including links to the meeting agenda, board packet, and live streaming of the board meeting, click here.

 

 

 

  

 

Related Reports

 

Other Latest 10 Destination Medical Center (DMC) Pinned Reports

October 16, 2024 : DMC 2025 Budgets
Impact Lvl1: Funding, Governance/Public Policy
Impact Lvl2:

2025 Budget and Workplan September DMCC Board Meeting

City Council Oct 2024 on DMC 2025 Budget

 


October 16, 2024 : 2024 Destination Medical Center Reports
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

Proceedings

September 2024 DMCC Board Meeting with 2025 Workplan Breakout

May 2024 DMCC Board Meeting and City, County, DMC Joint Meeting

Feb 2024 DMCC Board Meeting


February 12, 2024 : Destination Medical Center (DMC) Investment Metrics Slow Down Trend
Impact Lvl1: Biotec, Business Process, Economic Development, Housing, Metrics, Sustainability
Impact Lvl2:

Feb 1, 2024 DMCC Board Meeting

Private investment metrics Slide

Video Clip

PB Reporting


December 13, 2023 : 2H 2023 Destination Medical Center (DMC) Meeting Informaiton
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

November DMCC Meeting Info 

September DMCC Meeting Info

May DMCC Meeting Info 


October 01, 2023 : Destination Medical Center 3Q 2023 Reports
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

1. September 2023 DMCC Board Meeting:

2. Meeting Package,

3. Meeting Slides,

4. Video Recording 

5. Breakouts


March 23, 2023 : 1Q 2023 Destination Medical Center (DMC) Reports
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

March 2023 Executive Committee Meeting;

Feb 9 2023 DMCC Board Meeting and City, County, DMC Collaborative Session


November 12, 2022 : Destination Medical Center (DMC)
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

November 2022 DMCC Board Meeting: notable topics: Experience Metrics,  Soldier Fields, Equitable development, Discovery square, Heart of the City


November 11, 2022 : Destination Medical Center (DMC)
Impact Lvl1: Arts & Culture, Diversity and Inclusion, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

November 2022 DMCC Meeting: Featuring Equity Development 


October 01, 2022 : Destination Medical Center (DMC)
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

September 2022 DMCC Board Meeting


September 13, 2022 : DMC Information
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

July 2022 Destination Medical Center Information Sheet.  


Back To Top

 

Latest 10 Pinned DMC EDA organization and project reports

. Project Report of Destination Medical Center (DMC) : October 16, 2024 : DMC 2025 Budgets
Impact Lvl1: Funding, Governance/Public Policy
Impact Lvl2:

2025 Budget and Workplan September DMCC Board Meeting

City Council Oct 2024 on DMC 2025 Budget

 


Project Report of Destination Medical Center (DMC) : October 16, 2024 : 2024 Destination Medical Center Reports
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

Proceedings

September 2024 DMCC Board Meeting with 2025 Workplan Breakout

May 2024 DMCC Board Meeting and City, County, DMC Joint Meeting

Feb 2024 DMCC Board Meeting


Project Report of BioRochester and MedHub 3.0 : May 27, 2024 : DMC's BioRoch effort to Collaborate with MN MedTech 3.0
Impact Lvl1: CMRC, Diversity and Inclusion, Economic Development, Funding, OpenBeam, STEM, Technology Enablement, Workforce Development
Impact Lvl2:

DMCC Board Updates:

1. May 2024 Status Memo to DMCC Board  

2. Feb 2024 DMCC Board Meeting: Video Clip of Discussion at Feb 1 2024 DMCC Board - DMC part of MedTech 3.0; Memo to DMCC

3. Nov. 2023 Video Clip of Discussion at DMCC Board Meeting about MN MedTech 3.0 Description and Webinar

References: US DEA Tech Hub Awardees 


Project Report of Destination Medical Center (DMC) : February 12, 2024 : Destination Medical Center (DMC) Investment Metrics Slow Down Trend
Impact Lvl1: Biotec, Business Process, Economic Development, Housing, Metrics, Sustainability
Impact Lvl2:

Feb 1, 2024 DMCC Board Meeting

Private investment metrics Slide

Video Clip

PB Reporting


Project Report of Destination Medical Center (DMC) : December 13, 2023 : 2H 2023 Destination Medical Center (DMC) Meeting Informaiton
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

November DMCC Meeting Info 

September DMCC Meeting Info

May DMCC Meeting Info 


Project Report of Two Discovery Square : November 30, 2023 : Discovery Square Shared Lab Infastructure
Impact Lvl1: Economic Development, STEM
Impact Lvl2:

A shared lab space for a community of like-minded entrepreneurs associated with one or more academic research partners


Project Report of BioRochester and MedHub 3.0 : October 23, 2023 : CMRC Support of Formation of a BioRochester Consortium
Impact Lvl1: CMRC, Economic Development, Funding, OpenBeam, STEM, Technology Enablement, Workforce Development
Impact Lvl2:

1. October 23, 2023 EDA Tech Hubs Awardees Announcement

2. Video Clip from CMRC August Mtg; CMRC Letters of Support; References: BioRochester Review meeting video; Summary of Draft 3 BioRochester Plan, and Final Grant Submission


Project Report of Destination Medical Center (DMC) : October 01, 2023 : Destination Medical Center 3Q 2023 Reports
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

1. September 2023 DMCC Board Meeting:

2. Meeting Package,

3. Meeting Slides,

4. Video Recording 

5. Breakouts


Project Report of BioRochester and MedHub 3.0 : August 10, 2023 : Rochester MSA Applying for Tech Hubs Grant Review Meeting
Impact Lvl1: CMRC, Diversity and Inclusion, Economic Development, Funding, OpenBeam, STEM, Technology Enablement, Workforce Development
Impact Lvl2:

Video Recording of Draft Review Session


Project Report of Destination Medical Center (DMC) : March 23, 2023 : 1Q 2023 Destination Medical Center (DMC) Reports
Impact Lvl1: Arts & Culture, Economic Development, Housing, Sustainability, Transportation, Workforce Development, Vision/Identity
Impact Lvl2:

March 2023 Executive Committee Meeting;

Feb 9 2023 DMCC Board Meeting and City, County, DMC Collaborative Session


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Community Beam (dmcbeam.org) is a registry of private and public resources (organizations, projects, initiatives, programs) that underpin economic and social developments of greater Rochester:

  • For the commercial sector, we tend to register startup activities (new companies and new commercial projects) that bring diversification and high-impact opportunities to the area.
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While there are a number of registries in the community, dmcbeam.org's  distinct value is to pilot a database with a data structure and categorizations that answer the questions such as: What organizations or projects/programs in our community that have purported relevance with some of the over-arching focuses put forward by initiatives such as DMC, J2G and Health Improvements?

This database could be used as one of the ways to explore the capacities of the community. If you are someone on an exploratory journey to learn about the greater Rochester community. dmcbeam.org could be an interesting first step.

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