DMC Private Investments in Rochester Closing in on $700 Million
Rochester, MN (KROC-AM News) - A report prepared for the state shows private investment in Rochester's Destination Medical Center District rose to about $262 million last year.
The DMC Executive Committee reviewed the report this morning and was told that amount includes Mayo Clinic investments that totaled over $126 million. The total for non-Mayo private investments was over $135 million, which was up about $90 million when compared to the previous year and now totals just under $238 million since the start of the initiative 5 years ago. If private investments made by the Mayo Clinic are included, the five-year total is close to $700 million.
It is anticipated of the documented private investment during 2018 will free up another $13.5 million in state funding for DMC-related infrastructure improvements in Rochester. If that amount is approved, the overall steep contribution to the DMC project will grow to about $22.5 million of the $585 million in state funding pledged to support the initiative over its 20-year lifespan.