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Rochester Economic Development Fund

The fund, financed with $5 million of local-option sales-tax dollars, has doled out more than $2.5 million in loans, investments and grants to 15 early stage companies and business incubators. It is managed by Rochester Area Economic Development Inc. with oversight by the Rochester City Council. Any investment of $75,000 or more much be approved by the city council.

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Project Impact(s): Economic Development, Workforce Development

This project is in Available Phase

  • Explore this page to view Beam's assessment of the basic description of the project, its impacts and collaboration atrributes. Also shown are status reports related to the project.
  • Please click this Link to get to Beam's view of the project's strategy, expected results, and monitored metrics.

Collaborators, Project Type, Impacts, Related Projects

Collaborators 

Lead Organization: Rochester-Area Economic Development Inc (RAEDI)

Contact: Gary Smith ; Email: TBD ; Phone: TBD

Known/Likely Collaborators: GoRoute ; Rochester-Area Economic Development Inc (RAEDI)

Potential Collaborators:


Related Projects


Impacts 

Major Impact: 

PlanScape Impacts :

Level 1: Economic Development, Workforce Development

Level 2:

DMC Impacts:

Community Health Impacts:


Type of Project

Planning  

 

 

 


Other Community News and Reports having impacts on:

Economic Development, Workforce Development
August 02, 2024: Rochester Vision 2050
The visioning effort calls for soliciting broad community input to help propose desired strategic initiatives based on desired outcomes through 2050.

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July 01, 2024: First Half 2024 Targeted Business Enterprise Utilization Plan Reports

2Q 2024: June 2024May 2024 - Admin Message, TBE Report; April 2024 - Admin Message, TBE Report

1Q 2024: Feb 2024 - Admin Message, TBE Report; Jan 2024: Admin Message, TBE Report

Special callouts: Women in Construction; City of Rochester Equity in Development 

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June 21, 2024: Somali American Social Service Association

SASSA to receive $1M from MN to train workers for high-demand employment. 

The funding is awarded under the Minnesota Department of Employment and Economic Development (DEED) Targeted Populations Workforce Competitive Grant Program.

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May 27, 2024: DMC's BioRoch effort to Collaborate with MN MedTech 3.0

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 

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May 24, 2024: 1H 2024 Destination Medical Center
Proceedings

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

Feb 2024 DMCC Board Meeting

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April 27, 2024: 2024 Destination Medical Center (DMC) Updates
DMC Updates April 29 Presentation to City Council Study Session 

Transit Village

Business Development

Historic District

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April 01, 2024: EBE Presentation to City Council Study Session
1. Part of Feb 26, 2024 City Council Study Session on DEI: Presentation Slides include actions and measures to City Council Study Session and Link to City Council video 

2. Career Opportunities for Women of Color

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March 27, 2024: Full-Time Career Navigator: Built Environment Wanted

Application Due April 5, 2024: Workforce Development, Inc. is seeking a friendly and professional Career Navigator to join our team.  

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March 20, 2024: NIH Community Engagement Alliance Consultative Resource

We invite community organizations and partners who expressed interest in the Community Partnerships to Advance Science for Society (ComPASS) initiative to participate at no cost in several opportunities hosted by CEACR.

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March 13, 2024: DEED Funding Opportunities and Workforce Training Available for Minnesota Employers
Funding Opportunities: DEI for Small Employers, Targeted Populations Capacity Building

Employer subsidies: 1. The state of Minnesota Job Skills Partnership (MJSP) program offers grants to help train or retrain your workforce.; .2. New Minnesota Fund Reimburses Employers for Costs of Reasonable Accommodations

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March 12, 2024: University of Minnesota Rochester at DMC Board November
DMCC Board November 17, 2023 Meeting UMR Update

Presentation Slides

Video Recording

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March 10, 2024: West Transit Village
September DMCC Board Status: NTH to run a developer selection process with Mayo

2024-03-10 Added Video Clip Loop of Sep 2022 DMCC board meeting

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Last modified by support on 2021/09/05
Created by allnode on 2018/02/09

 

 

 

Site Information
Project Phase Definitions
The following defines the various project phases:
  1. Available - a product, program or service is in production
  2. Develop - program or application is being developed
  3. Plan - idea is solid, stakeholders are identified, and there is strong commitment to go forward from all parties.
  4. Concept Phase - idea scoped out with enough details to give an early sizing and/or to build a proof of concept
    demonstration
  5. Pre-concept Phase - an early idea or a requirement.
About Beam
  • 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.
  • Our hope is that dmcbeam.org will encourage cross-sector collaborations and creative solutions.

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.

Links to Beam sub-sites 
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