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Building1@DSQ (Building 1 at Discover Square)

 
Public Report on Discovery Square One led by Mortenson and Mayo Clinic
Last modified: July 29, 2017

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Highlights

 

The DMC Corp. board approved the project Thursday, agreeing to $4.9 million in related tax-increment financing for the developer, Minneapolis-based Mortenson Co.

Contents

The DMC Corp. board approved the project Thursday, agreeing to $4.9 million in related tax-increment financing for the developer, Minneapolis-based Mortenson Co.

Per PB

A $35 million project in the Discovery Square sub-district took a step toward becoming the fourth project to receive public Destination Medical Center support.

The DMC Corp. board approved the project Thursday, agreeing to $4.9 million in related tax-increment financing for the developer, Minneapolis-based Mortenson Co.

The Mortenson project at the corner of Fourth Street Southwest and Second Avenue Southwest follows approval of the the Alatus, Titan-Opus, and Titan Hilton projects, which are also receiving TIF, a public financing method that captures future new tax revenue and returns a portion to the developer in exchange for public benefit.

In the case of the Mortenson project, annual property taxes paid on the property — Mayo Clinic's employee parking Lot No. 2 — will increase from $68,000 to $485,000 a year, according to Patrick Seeb, the director of economic development and placemaking for the DMC Economic Development Agency.

Mayo Clinic will maintain ownership of the property, with Mortenson securing a long-term lease for the land while owning the building. The clinic will be an anchor tenant in the building.

 

 

 

 

Impact Levels

  Impact Lvl 1: Economic Development

 

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About Beam

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.
  • For the non-profit sector, we wish to shine light on all the organizations and services that otherwise labor under relative obscurity.
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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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