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HomeMy WebLinkAbout1/29/2015 DMCC Board Meeting - Agenda and Meeting Packet DESTIN ATION MEDICAL CENTER CORPOR ATION (DMCC) BOARD MEETING 9:30 A.M. THURSDAY, January 29, 2015 ROCHESTER CONVENTION CENTER Destination Medical Center Corporation Financial Summary December 2014 2014 Curent Month Dec 2014 Amount Percent Approved Budget Dec 2014 YTD Remaining Remaining General Expenses 146,000                               18,949                          32,531                    113,469               78% Professional Services 400,000                               60,789                          420,159                 (20,159)                 ‐5% City Expenses 340,000                               340,000               100% Subtotal DMCC 886,000                               79,738                          452,690                 433,310               49% Third Party Costs ‐ DMC EDA * Planning, Archictecture, Engineering 2,431,000                           471,532                       1,150,536              1,280,464            53% Marketing and Public Relations Communications Marketing & PR 545,000                               34,295                          209,530                 335,470               62% Public Relations & Communications 245,000                               13,460                          60,080                    184,920               75% Development and Legal Services Development Services 1,675,000                           219,000                       1,496,500              178,500               11% Financial, Accounting, and Investment Se 675,000                               81,000                          553,500                 121,500               18% Legal Services 425,000                               44,805                          172,245                 252,755               59% Miscellaneous Professional Services Economic Analysis Market Research, Rep 351,000                               101,270                       322,023                 28,977                 8% Other Professional Services & Project Cos 100,000                                ‐                           Other Development Costs Payroll, Staff, Administration & Benefits‐E 460,000                                ‐                          460,000               100% General Expenses ‐ EDA 382,000                               10,920                          123,440                 258,560               68% * Reimbursable Expenses 30,000                                 20,086                          127,858                 (97,858)                 ‐326% Subtotal DMC EDA 7,319,000                           996,368                       4,215,712              3,103,288            42% Total All 8,205,000                           1,076,106                    4,668,402              3,536,598            43% DMCC Working Capital Note 3,000                       * See Attached Contract Commitments for EDA Portion EDA Working Capital Note 10,000                     Report 4002 1/12/2015 - 11:36 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY DETAIL COST REPORT #9 Variance Division Description Master Project Budget A Original Contract Amount B Contract Revisions C Committed Costs B+C Committed Direct Owner Purchases D Un-Committed Costs E Final Projected Cost B+C+D+E Over/(Under) Budget (B+C+D+E)-A Total Work In Place Percent Complete DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $2,431,000.00 $1,545,365.70 $152,468.43 $1,697,834.13 $0.00 $733,165.87 $2,431,000.00 $0.00 $1,150,536.16 47.33% 40-05-300 Planning Services, Architecture, Engineering $2,431,000.00 $1,545,365.70 $152,468.43 $1,697,834.13 $0.00 $733,165.87 $2,431,000.00 $0.00 $1,150,536.16 47.33% 40-25-000 Marketing & Public Relations $790,000.00 $245,883.05 $85,813.03 $331,696.08 $0.00 $458,303.92 $790,000.00 $0.00 $269,610.49 34.13% 40-25-300 Communications, Marketing & PR $545,000.00 $183,137.76 $73,092.01 $256,229.77 $0.00 $288,770.23 $545,000.00 $0.00 $209,530.62 38.45% 40-25-310 Public Relations & Communications $245,000.00 $62,745.29 $12,721.02 $75,466.31 $0.00 $169,533.69 $245,000.00 $0.00 $60,079.87 24.52% 40-30-000 Development Services $2,350,000.00 $2,300,000.00 $0.00 $2,300,000.00 $0.00 $50,000.00 $2,350,000.00 $0.00 $2,050,000.00 87.23% 40-30-300 Development Services $1,675,000.00 $1,675,000.00 $0.00 $1,675,000.00 $0.00 $0.00 $1,675,000.00 $0.00 $1,496,500.00 89.34% 40-30-310 Financial, Accounting & Investment Services $675,000.00 $625,000.00 $0.00 $625,000.00 $0.00 $50,000.00 $675,000.00 $0.00 $553,500.00 82.00% 40-35-000 Legal Services $425,000.00 $126,208.01 $46,546.00 $172,754.01 $0.00 $252,245.99 $425,000.00 $0.00 $172,244.83 40.53% 40-35-300 Legal Services $425,000.00 $126,208.01 $46,546.00 $172,754.01 $0.00 $252,245.99 $425,000.00 $0.00 $172,244.83 40.53% 40-55-000 Misc Professional Services $451,000.00 $298,473.00 $60,633.35 $359,106.35 $0.00 $91,893.65 $451,000.00 $0.00 $322,023.29 71.40% 40-55-300 Economic Analysis, Market Research, Reports $351,000.00 $298,473.00 $60,633.35 $359,106.35 $0.00 ($8,106.35)$351,000.00 $0.00 $322,023.29 91.74% 40-55-310 Other Professional Services & Project Costs $100,000.00 $0.00 $0.00 $0.00 $0.00 $100,000.00 $100,000.00 $0.00 $0.00 0.00% 40-90-000 Other Development Costs $872,000.00 $93,849.94 $158,490.74 $252,340.68 $0.00 $619,659.32 $872,000.00 $0.00 $251,297.66 28.82% 40-90-115 Payroll, Staff, Administration & Benefits-EDA $460,000.00 $0.00 $0.00 $0.00 $0.00 $460,000.00 $460,000.00 $0.00 $0.00 0.00% 40-90-120 General Expenses-EDA $382,000.00 $93,849.94 $30,632.90 $124,482.84 $0.00 $257,517.16 $382,000.00 $0.00 $123,439.82 32.31% 40-90-300 Reimbursable Expenses $30,000.00 $0.00 $127,857.84 $127,857.84 $0.00 ($97,857.84)$30,000.00 $0.00 $127,857.84 426.19% Subtotal $7,319,000.00 $4,609,779.70 $503,951.55 $5,113,731.25 $0.00 $2,205,268.75 $7,319,000.00 $0.00 $4,215,712.43 57.60% PROJECT CONTINGENCY 90-00-000 Project Contingency $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% Subtotal $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% PROJECT TOTAL $7,319,000.00 $4,609,779.70 $503,951.55 $5,113,731.25 $0.00 $2,205,268.75 $7,319,000.00 $0.00 $4,215,712.43 57.60% Work in PlaceSchedule of Values December 31, 2014 3.2 EVALUATION CRITERIA FOR PROJECTS The Development Plan, together with any updates thereto, shall include a list of potential projects and recommended strategies to serve as a guideline for the DMCC Board and City Council in making investment decisions in accordance with detailed and uniform guidelines for expenditure of DMC Funds. Within 30 days of receipt of a funding application and the required supporting documentation, the EDA shall prepare a report for the DMCC Board that assesses the compliance of a project and project funding request as compared to the approved projects and/or strategies incorporated in the Development Plan, including any updates thereto. The basis for this evaluation shall be the Evaluation Criteria outlined below. The EDA’s evaluation shall be presented in the form of a staff report to the DMCC Board, which shall include a detailed assessment and ranking of a project’s compliance with the specified criteria. This report shall be provided to the DMCC Board members and shall be used for information purposes only. The DMCC Board may utilize any information to make its decisions including, but not limited to the EDA report, public comments, City/County information or other information. The City Council may choose to utilize the EDA’s report at its own discretion in its approval process. All approvals will be reviewed and approved in accordance with the DMC Act and Project Agreements. 1. Is the project consistent with the Does the project include a plan for achieving the DMC vision, goals and objectives? Is it critical to driving the strategies included in the Development Plan? This Development Plan is a strategic framework to guide the DMC Initiative and direct public funds and incent private investments to accomplish certain specific goals and objectives and to realize the DMC vision. The following has been established to assist in the evaluation of projects against these critical elements of the structure: a. Is the project consistent with the stated DMC Goals & Objectives and specifically contributing to job creation? (1 point for compliance with each objective, up to 11 points total) • Does the project meet one or more of the goals and objectives established approved for the Development Plan? b. Is the project consistent with the DMC Vision? (up to 5 points for each) • Is the project part of a bold and aspirational concept for the future? • Does the project fit with the principles of the vision? • Does the project provide a framework for growth in this sub-district? • Does the project build infrastructure to support growth and drive investment? (Up to 5 points for each) • Would the investment occur without the public infrastructure to be funded? Is the proposed public infrastructure solely for the benefit of the Project or does it also support the broader vision of the DMC District? Formatted: Indent: Left: 1", No bullets or numbering • Will the public funding accelerate private investment in the Development District or applicable sub-district? • Does the project provide a catalyst for /or anchor for an approved strategy? ? (Up to 5 points for each) • Can the project reasonably be expected to catalyze or anchor development in one of the six sub-districts? • Can the project reasonably be expected to catalyze necessary transportation/transit strategies? 2. Is the projectDoes the project include a plan for achieving consistency consistent with the Development Plan (and any updates thereto) and other relevant planning documents? The Development Plan includes a Master Plan (Section 6.0), Transportation Plan (Section 7.0) and Infrastructure Plan (Section 8.0) establishing a planning framework for the project. The Development Plan also includes Finance Plan, Business Development Plan and Implementation Strategies that serve as the business and finance framework of this Development Plan. The Development Plan also conforms to the general plan for the development of the City and conforms to specific City planning documents. The specific questions to be explored include: a. Is the project consistent with the DMC Planning Documents? (up to 5 points for each) • Is the project consistent with the adopted DMC Master Plan, Transportation Master Plan and/or Infrastructure Master Plan? • Is the project consistent and/or supportive of the Finance Plan, Business Development Plan and other Implementation strategies of the DMC? b. Is the project consistent with the City/County Planning Documents? b.• Is the project consistent with the RDMP Plan or City Comprehensive Plan? c. If a Transit/Transportation project, is the project consistent with the ROCOG long-range Transportation Plan? • d.c. Does the project support sustainability principles as a core objective in the development and operations of the project? (up to 5 points for each) • Is the project consistent with the RDMP Plan or City Comprehensive Plan? • If a Transit/Transportation project, is the project consistent with the ROCOG long-range Transportation Plan? 3. Is Does the project include a plan that is the project financially viable? Projects are required to provide a preliminary finance plan with their applications. The information that will be required includes: • Project Summary (e.g. concepts, detailed program, project team, etc.) • Total Project Budget • Sources of funding, demonstrating a verifiable gap that justifies DMC Funding • Project Operating Pro Forma including an overview of any operations and maintenance funding that may be required Formatted: Font: +Headings (Calibri), 11 pt Formatted: Bulleted + Level: 1 + Aligned at: 1.13" + Indent at: 1.38" Formatted: Bulleted + Level: 1 + Aligned at: 1.13" + Indent at: 1.38" Formatted: Font: +Headings (Calibri), 11 pt Formatted: Font: +Headings (Calibri), 11 pt Formatted: Font: +Headings (Calibri), 11 pt • A Project Plan and/or Market Study supporting the demand/need for the project • Demonstration of financial capacity to support the project • The project-specific finance plan will be evaluated based upon the following criteria (up to 5 points each) • Is the project supported by current market conditions and comprehensive feasibility studies? • Does the project leverage additional private funds, maximizing the use of DMC Funds? • Is the preliminary project finance plan comprehensive and viable based upon Project Team and financial capacity? • Is the project inclusive of an Operation and Maintenance pro forma? • Is there a verifiable gap for funding based upon a reasonable return on private investment? • Is the proposed operating structure sustainable? • Does the Project impose any financial obligations on the DMC or City for ongoing operational or maintenance support? • Has the project applicant agreed to the DMC Development Agreement? 4. Is the project consistent with adopted strategies and/or one or more projects for the current implementation phase of the DMC Initiative? The Development Plan outlines projects and strategies that are recommended as the focus in each phase of the DMC Initiative. These recommendations and the list of anticipated projects shall be reaffirmed and/or updated each year in the DMC-CIP that is incorporated as part of the DMC’s annual budget process and as necessitated by private investment in the Development District. Criteria will include: a. Is the project part of an approved strategy and current focus? ? (Up to 5 points for each question) • Is the project outlined as an approved strategy for the project within the Development Plan? • Is the project recommended as a focus for the particular phase of the project in the Development Plan? • Is the project consistent with the DMC-CIP? (2 points for each) • If public, is the project specifically listed in the DMC-CIP? Or is the project necessary to facilitate a DMC related strategy? If private, is the project otherwise compatible with the planned public improvements in the DMC-CIP? 5. Does the project include a A plan for achieving Local Business, S/M/WBE Project Requirements and other projectarty requirements, as applicable? • Agreement to execute the DMC Development Agreement, the terms of which shall be provided in form to all applicants • Agreements will include requirements of the DMC Act (e.g. American Made Steel, MBE/WBE Construction Targets) Formatted: Indent: Left: 1", No bullets or numbering Formatted: Bulleted + Level: 1 + Aligned at: 0.75" + Indent at: 1" 6. Does the project include a plan to comply with or support the economic-fiscal goals and objectives of the DMC Initiative? The DMC is established to drive economic and fiscal benefits to State and local jurisdictions and to benefit the community as a whole. Each project will be evaluated for its ability to realize and/or support growth occurring within the DMC District. The information that will be required to make the evaluation will include: a. Jobs Projections • Construction jobs • Permanent operating jobs, if applicable b. Tax Base Projections (through 2049), if applicable c. Capacity or other support to demand (e.g., public works) The economic-fiscal analysis will be evaluated based on the following criteria (up to 5 points each) Does the project generate substantial economic-fiscal gain based upon job projections? • Does the project generate substantial economic-fiscal gain based upon job projections? • Does the project generate substantial economic-fiscal gain based upon tax base projections? • Does the project maximize the opportunity for investment by attracting other private capital? • Is the project required (e.g. public works) to continue to seed investment in the DMC District? • Does the project support the economic strategies of the project by providing civic/cultural uses and/or public amenities that support strategic growth in the DMC Development District and/or specific business development and economic development strategies that are adopted as part of the DMC Development Plan? 7. Other Considerations (No Point Values Assigned) A summary will be provided of other considerations that the DMCC Board may take into account when evaluating projects. These include: a. Is the project inside the DMC Development District? To be funded, projects must be within the boundaries of the DMC Development District. From time to time, the DMCC and City may consider expanding the DMC Development District to support the execution of specific projects or strategies that are outside of the current boundaries. The DMCC and City may choose to do this by amending the current Development District or creating a new district, which may or may not be contiguous to the existing Development Districts or Sub-districts. An amendment can happen at any time, but it is recommended that it only be done with an accompanying project request. The criteria to be considered include: Are the recommended changes: Formatted: Indent: Left: 0.5" Formatted: Font: +Headings (Calibri), 11 pt Formatted: List Paragraph, Bulleted + Level: 1 + Aligned at: 1.25" + Indent at: 1.5" Formatted: List Paragraph, Left, Indent: Left: 0" • Limited to the area required to support the project request? • Consistent with the core strategies and planning documents? • Essential to the strategies and/or catalytic to growth under the DMC Development Plan? b. Are there specific policies the DMCC wishes to include/consider as implementation of the DMC Development Plan moves forward? During the implementation phase of the DMC Initiative, the DMCC and/or City may wish to provide special consideration to projects with certain social and/or community benefits that are not specifically required by the DMC Act. The prioritization of these considerations within the DMC Development Plan and the role of the DMCC and/or City in implementing these considerations will be dependent on many factors, including: the completion of certain planning efforts, including but not limited to, the City Comprehensive Plan, the adoption of policies and/or ordinances by the City and/or County; identifying sources of funding to support programs and/or operations; and other implementation or operational considerations. The DMCC Board may direct the EDA to work with the City, County and community organizations to develop and recommend specific policies, ordinances and programs that may incentivize the integration of these types of benefits in the DMC Development District. DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT REPORT DATE: December 15, 2014 REPORTING PERIOD: November 1 - 30, 2014 MASTER PROJECT BUDGET The following is a summary of the sources and uses of funds included in the current payment application. This summary represents the approximately $7.3 M portion of the budget and/or expenses that are managed and reported by the EDA. The balance of funding (approximately $886,000 for a total budget of $8.205 M) is DMCC and City of Rochester funding and managed outside of the EDA budget. • A summary of the sources and uses of funds as of Map #8 (November) is included above. A detailed cost report is also attached with this update. • MAP #1 - #8 are processed. Map #8 (November) was submitted to City/DMCC on November 13, 2014. • The EDA is operating within budget and no major budgetary risks for the 2014 calendar year are known at this time. MASTER PROJECT SCHEDULE / DEVELOPMENT PLAN PROCESS • The DMC Development Plan remains on schedule. The major phases of work include the following: o Creative Analysis Phase: Completed in June 2014 o Options Phase: Completed in October 2014 o Preliminary Development Plan Phase: Target completion in November 2014 and submission on December 17, 2014 (Full Draft) for DMCC board review. After review by the DMCC board, the plan will be sent to the City of Rochester in January 2015. o 60-Day City of Rochester Review Process: Target start January 2015, Target completion – March 2015 o Targeted approval of the Development Plan: April 2015 • A milestone schedule for the 2014 (Remaining) / 2015 calendar years is attached. • An outline of the major topics to be considered at EDA and DMCC Board Meetings in the coming months is attached with this report. PROJECT FINANCE / FINANCIAL MANAGEMENT • The EDA, DMCC and City have executed a term sheet outlining the major terms and conditions of the Amendment to Advance Funds. The full contracts are under negotiation. • The Attorney General issued an opinion indicating that the legislation was not clear that the investment made by private entities should be measured on a cumulative vs. annual basis. As a result, a clarification will be requested in the 2015 legislative session. The parties have agreed to advance the Development Plan, including Finance Plan and Operating Plan, under the assumptions made prior to issuance of this opinion. However, the clarification may require adjustments to certain details in the content of the submitted Development Plan and / or of certain documents and agreements on the project, including but not limited to, the DEED Agreement and project financing agreements. • Certain issues with respect to measuring private investment and drawing down state funds are still open issues to be resolved. These issues must be resolved in the agreement between the City and DEED. SOURCES OF FUNDS USES OF FUNDS City Contribution $7,319,000 Total Work in Place $3,722,451 Balance to Complete $1,268,641 Committed Costs $4,991,092 Uncommitted Costs $2,327,908 Total Sources $7,319,000 Total $7,319,000 DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT DEVELOPMENT PLAN – PROCESS / DESIGN / PLANNING • The finalized planning concepts were incorporated into the Preliminary Development Plan. The final concepts included the revisions in Peace Plaza and areas adjacent to 1st Street and 1st Avenue that were requested by EDA and DMCC board members at the September 11, 2014 DMCC / EDA Joint Board Session. The final master plan and transit plan concepts were presented at the DMCC / EDA Joint Board Session on November 13, 2014. • The preliminary economic and fiscal impacts analysis of the DMC project were completed and the results were presented at the DMCC / EDA Joint Board Session on November 13, 2014. • The EDA continues to meet monthly with the City Technical Committee and the City’s Comprehensive Plan Team and provided an update on the status of DMC planning on November 12, 2014. The City is in the early stages of work on the comprehensive plan which is estimated to be completed over an 18-24 month period. The EDA Team intends to continue coordination with the Comprehensive Plan Team through the completion / approval of the Development Plan. • The EDA Planning team continues to meet regularly with City staff to discuss the advancement of the Development Plan. The team presented the finance and capital improvement plan to City staff on November 12, 2014. The City staff raised concerns that the city may not be able to contribute any additional funding for ordinary capital projects in the Development District beyond its local match target of $128 million. This is a change from previous assumptions of City CIP funding that was included in the public infrastructure budget presented to the Legislature during the drafting of the DMC legislation. • The EDA continues to conduct regularly scheduled briefings with the City Council members and County Commissioners to present the status of planning and obtain feedback. The next scheduled briefing will be held in December prior to the submission of the Preliminary Development Plan. COMMUNITY INPUT PROCESS • The EDA’s community input consultant, who is the same consultant working on the City’s Comprehensive Plan, is continuing coordination with the City on synchronizing the two processes. • The EDA and City Comp Plan Team initiated a toolkit that is designed to encourage grassroots public participation and feedback in the planning process. The toolkit is available on-line and at the Rochester Public Library. • The EDA continues on-going outreach activities including website updates, blogs, a bi-weekly newsletter and presentations within the community and the region. • The 4th public forum was held on November 13, 2014, 6:30 pm – 9:00 pm. The meeting was well attended and the final master plan concepts were well received. Community members were also given ample time to ask questions and obtain feedback from the EDA and the planning team. TARGETED BUSINESS / WORKFORCE • The EDA continues its work with the City of Rochester and DMCC Board to establish a planning framework for targeted business and workforce initiatives. • The City of Rochester has approved an interim M / WBE strategy which establishes targeted workforce goals of 4% minority and 6% women owned businesses. These targets are based on MNDOT’s standards for the SE Minnesota region. The City is currently seeking feedback from the business community and anticipates finalizing the goals by the end of the year. OPERATIONS • The DMCC Board approved the 2015 DMC Operating Budget and EDA Work Plan in September 2014. This has been submitted to the City for approval. • The requirement to clarify the legislation (see Project Finance / Financial Management Section) has resulted in the EDA being delayed in hiring permanent staff to support completion of the Development Plan and in launching full operations of the EDA. The EDA is anticipated to resume the search for a permanent Executive Director and staff when the technical legislative fix is complete. DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT KEY CONSIDERATIONS / IDENTIFIED RISKS • Advancement of Plan Concepts. At the November work session with EDA and DMCC board members, the planning team received confirmation on the components below that have been advanced and will be presented in Preliminary Development Plan documents: o Guiding Principals o DMC Districts and Conceptual Plan o Program and Phasing Models o Primary Transit Strategies and Framework o Finance Place Framework o DMC Development District Boundary • City Contribution for Public Infrastructure Costs: The sources of funding assumptions for capital costs in the Preliminary Development Plan’s financing strategy included contributions by the City for CIP projects. The City’s current position that it may not contribute any additional funding beyond its local match will result in a substantial reduction in number of capital projects currently included in the plan. Additional discussion with the City will be held after submission of the Preliminary Development Plan on December 17th to seek a solution. • Coordination with the Comprehensive Plan. The comprehensive plan is in its initial phases. The DMC Development Plan will be complete before the comprehensive plan completes is initial analysis. Coordination between the two planning teams is critical but there could be unknown issues that impact the timing of the plan. Both teams are committed to coordination to resolve and/or mitigate any potential issues. • Third Party Impacts. Potential impacts from third parties (state agencies, political climate, etc.) could impact the schedule; EDA is already experiencing this with the inability to hire permanent staff. MAJOR ACCOMPLISHMENTS LAST 60 DAYS: The following provides an outline of the tasks completed in the last 60 days. • Draft Guiding Principles • Final Options For Master Plan, Transit and Infrastructure Plans • Cost Model • Market Analysis, Program Recommendations and Phasing • Findings of Economic-Fiscal Impacts Analyses • Framework for DMC Funding Models • Coordination Meetings: City Comprehensive Plan Team and City / EDA Technical Team, City Finance Team • City Council / County Commissioner Briefings • Draft DMC 2015 Budget and EDA Work Plan • Stakeholder Discussions On Targeted Business / Workforce Initiatives • Working Capital Loan Term Sheet Complete • Community engagement and input process • EDA/DMCC board member working session • 4th Public Forum held on November 13, 2014 MAJOR TASKS TO BE COMPLETED OVER NEXT 60 DAYS: The following provides an outline of the anticipated tasks to be completed in the next 60 days. • Submission of Preliminary Development Plan to the DMCC – December 17, 2014 • DMCC / City preliminary review and comment period on Draft Development Plan – December 18, 2014 to January 28, 2014 • DMCC officially submits Draft Development Plan to the City – January, 29, 2014 • City begins 60-day statutory review process – January 29, 2014 • Coordinate with DMCC / City to secure passage of the legislative technical “fix” • Coordinate with DMCC / City to resolve open issues with DEED DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT COST REPORT DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT MILESTONE DATES The following provides an outline of the major milestone dates for the project known as of the date it was issued. This milestone schedule is not meant to be a comprehensive document and does not represent all meetings / calls, actions, tasks or deadlines associated with the project. The schedule is subject to change without notification. Calendar Year 2014 (Remaining) Date Milestone Schedule December 10th Due Date: EDA Payment Application #9 Submitted to DMCC for preliminary review/approvals December 17th DMCC Board to Accept the Preliminary Draft Plan Calendar Year 2015 Date Milestone Schedule January 5th Due Date: EDA Payment Application #10 Submitted to EDA for preliminary review/approvals January 10th Due Date: EDA Payment Application #10 Submitted to DMCC for preliminary review/approvals January 31st Target Date: EDA completes Annual Report for review by DMCC Board, DMCC Board submits February 15th (See Below) February 1st Due Date: Additional budget recommendations from DMCC to City (if budget is not approved in previous year) February 3rd Due Date: EDA Payment Application #11 Submitted to EDA for preliminary review/approvals February 10th Due Date: EDA Payment Application #11 Submitted to DMCC for preliminary review/approvals February 15th Due Date: DMCC/City Submit Annual Report to DEED February 25th DMCC Board Meeting to Adopt Plan (Note: Meeting Needs to Be Scheduled/Date Confirmed) March 3rd Due Date: EDA Payment Application #12 Submitted to EDA for preliminary review/approvals March 10th Due Date: EDA Payment Application #12 Submitted to DMCC for preliminary review/approvals March 1st Target Date: Completion of McGladry Review of Mayo Clinic Investments March TBD EDA Board Meeting: Any Final Actions on Development Plan / Approval of 2014 Investment Certification March 5th Due Date: EDA Payment Application #12 Submitted to EDA for preliminary review/approvals March 10th Due Date: EDA Payment Application #12 Submitted to DMCC for preliminary review/approvals April 1st Due Date: Submittal of 2014 Certification of Investment to DEED April 5th Due Date: EDA Payment Application #13 Submitted to EDA for preliminary review/approvals April 10th Due Date: EDA Payment Application #13 Submitted to DMCC for preliminary review/approvals May 5th Due Date: EDA Payment Application #14 Submitted to EDA for preliminary review/approvals May 10th Due Date: EDA Payment Application #14 Submitted to DMCC for preliminary review/approvals June 5th Due Date: EDA Payment Application #15 Submitted to EDA for preliminary review/approvals June 10th Due Date: EDA Payment Application #15 Submitted to DMCC for preliminary review/approvals July 5th Due Date: EDA Payment Application #16 Submitted to EDA for preliminary review/approvals July 10th Due Date: EDA Payment Application #16 Submitted to DMCC for preliminary review/approvals July 15th Due Date: DMCC report to DEED – Open Appointments, Annual Report Compilation August 1st Due Date: 2016 EDA Operating Budget Submittal to DMCC Due Date: DEED Certification of Amount of GSIA August 5th Due Date: EDA Payment Application #17 Submitted to EDA for preliminary review/approvals August 10th Due Date: EDA Payment Application #17 Submitted to DMCC for preliminary review/approvals September 1st Due Date: DMCC to Submit 2016 DMC Budget Request to the City of Rochester (Note includes DMCC, EDA and City Budgets) Due Date: DEED to Provide GSIA Funding to City September 5th Due Date: EDA Payment Application #18 Submitted to EDA for preliminary review/approvals September10th Due Date: EDA Payment Application #18 Submitted to DMCC for preliminary review/approvals October 5th Due Date: EDA Payment Application #19 Submitted to EDA for preliminary review/approvals October 10th Due Date: EDA Payment Application #19 Submitted to DMCC for preliminary review/approvals November 5th Due Date: EDA Payment Application #20 Submitted to EDA for preliminary review/approvals November 10th Due Date: EDA Payment Application #20 Submitted to DMCC for preliminary review/approvals December 5th Due Date: EDA Payment Application #21 Submitted to EDA for preliminary review/approvals December 10th Due Date: EDA Payment Application #21 Submitted to DMCC for preliminary review/approvals DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT OUTLINE OF DISCUSSIONS / ACTIONS AT DMCC BOARD MEETINGS & EDA / DMCC WORKING SESSION The following is a preliminary list of the items that may be discussed during the scheduled board meetings. Please note, this outline is preliminary in nature and is subject to change without notification. December 2014 • Submission of the Preliminary Development Plan to the DMCC for review January 2015 • City / DMCC Review Process February / March 2015 • City’s 60-day statutory review process (actual start date: January 29th) April • DMCC Approval of Final Plan DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT REPORT PERIOD: December 1- 31, 2014 MASTER PROJECT BUDGET The following is a summary of the sources and uses of funds included in the current payment application. This summary represents the approximately $7.3 M portion of the budget and/or expenses that are managed and reported by the EDA. The balance of funding (approximately $886,000 for a total budget of $8.205 M) is DMCC and City of Rochester funding and managed outside of the EDA budget.  A summary of the sources and uses of funds as of Map #9 (December) is included above. A detailed cost report is also attached with this update.  MAP #1 - #9 are processed. Map #9 (December) was submitted to City/DMCC on December 15, 2014.  The EDA is operating within budget and no major budgetary risks for the 2014 calendar year are known at this time. MASTER PROJECT SCHEDULE / DEVELOPMENT PLAN PROCESS  The DMC Development Plan remains on schedule. The major phases of work include the following: o Submission on December 17, 2014 (Full Draft in three volumes) for DMCC board review. After review by the DMCC board, the plan will be transmitted to the City of Rochester on January 29, 2015. o Commencement of the 60-Day City of Rochester Review Process: Target start January 2015, Target completion – March 2015 o Targeted approval of the Development Plan - April 2015. However, questions remain as to the City’s proposed action on the Development Plan and the process the City may require for review and approval of any amendments.  A milestone schedule for 2014 activities (remaining) / 2015 calendar is attached.  An outline of the major topics to be considered at EDA and DMCC Board Meetings in the com ing months is attached with this report. PROJECT FINANCE / FINANCIAL MANAGEMENT  The EDA, DMCC and City have executed a term sheet outlining the major terms and conditions of the Amendment to Advance Funds. The negotiations of the full contracts are on-going.  The clarification of language in the legislation regarding the cumulative vs. annual basis raised by the Attorney General is expected to be resolved during the 2015 legislative session. Legislative action and resolution is anticipated in January 2015. The parties have agreed to continue advancing the Development Plan, including Finance Plan and Operations Plan, under the assumptions made prior to issuance of this opinion. However, as noted in the November 2014 report, the clarification may require adjustments to certain details in the content of the submitted Development Plan and / or of certain documents and agreements on the project, including but not limited to, the DEED Agreement an d project financing agreements.  Certain issues with respect to measuring private investment and drawing down state funds are not yet resolved and will need to be addressed in early 2015. These issues must be resolved in the agreement between the City and DEED. SOURCES OF FUNDS USES OF FUNDS City Contribution $7,319,000 Total Work in Place $4,215,712 Balance to Complete $898,019 Committed Costs $5,113,731 Uncommitted Costs $2,205,269 Total Sources $7,319,000 Total $7,319,000 DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT DEVELOPMENT PLAN – PROCESS / DESIGN / PLANNING  The EDA presented an overview of the following key sections in the Preliminary Development Plan at the DMCC December 17, 2015 board meeting: o Market Study that assessed demand and the absorption of space for uses required for the DMC; o Finance Plan that describes how the DMC funding model works (state and local aid) to leverage other sources of funds for public infrastructure projects that total approximately $1.8 billion over 20 years; o Overview of Phase 1 projects (first five-years) with an estimated budget of approximately $204 million; o Funding strategies that include setting up reserves to fund long-lead time investments for catalytic projects during Phase 1; o Metrics for measuring and tracking progress; o Estimated fiscal impacts from private development; o Policy considerations including affordable housing, workforce development; and o Development Plan findings required by the DMC legislation  The EDA will continue to meet with the City during the 60-day comment period to address their comments on the Preliminary Development Plan and also address City staff concerns that the City may not be able to contribute any additional funding for ordinary City capital projects in the Development District beyond its local match target of $128 million. This is a change from previous assumptions of City CIP funding that was included in the public infrastructure budget presented to the Legislature during the drafting of the DMC legislation.  The EDA conducted briefings in December with the City Council members and County Commissioners to present the status of the Preliminary Development Plan prior to the submission to the DMCC board. COMMUNITY INPUT PROCESS  The EDA’s community input consultant, who is the same consultant working on the City’s Comprehensive Plan, is continuing coordination with the City on synchronizing the two processes.  The EDA and City Comp Plan Teams’ Community Engagement Toolkit is available on-line and at the Rochester Public Library.  The EDA continues its on-going outreach activities including website updates, blogs, a bi-weekly newsletter and presentations within the community and the region. TARGETED BUSINESS / WORKFORCE  The EDA continues its work with the City of Rochester and DMCC Board to establish a planning framework for targeted business and workforce initiatives.  The City of Rochester approved an interim MBE / WBE strategy which establishes targeted workforce goals of 4% minority and 6% women owned businesses. It is anticipated to be finalized by the end of the year. OPERATIONS  The DMCC Board approved the 2015 DMC Operating Budget and EDA Work Plan and it was approved by the City in December 2014.  The requirement to clarify the legislation (see Project Finance / Financial Management Section) has resulted in the EDA being delayed in hiring permanent staff to support completion of the Development Plan and in launching full operations of the EDA. The EDA is anticipated to resume the search for a permanent Executive Director and staff when the technical legislative fix is complete. DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT KEY CONSIDERATIONS / IDENTIFIED RISKS  City Contribution for Public Infrastructure Costs: The sources of funding assumptions for capital costs in the Preliminary Development Plan’s financing strategy included contributions by the City for its ordinary CIP projects. The City’s current position that it may not contribute any additional funding beyond its local match for extraordinary DMC projects will result in a substantial reduction in number of capital projects currently included in the plan. Additional discussion with the City will be held after submission of the Preliminary Development Plan on December 17th to seek a solution.  Coordination with the Comprehensive Plan. The Comprehensive Plan is in its initial phases. The DMC Development Plan will be complete before the Comprehensive Plan team completes its initial analysis. Coordination between the two planning teams is critical but there could be unknown issues that might impact the timing of approval of the Preliminary Development Plan. Both teams are committed to coordination to resolve and/or mitigate any potential issues.  Third Party Impacts. Potential impacts from third parties (state agencies, political climate, etc.) could impact the schedule; EDA is already experiencing this with the inability to hire permanent staff. MAJOR ACCOMPLISHMENTS LAST 60 DAYS: The following provides an outline of the tasks completed in the last 60 days.  Submission of the Preliminary Development Plan on December 17, 2014  Coordination Meetings: City Comprehensive Plan Team and City / EDA Technical Team, City Finance Team  City Council / County Commissioner Briefings  Approval of DMC 2015 Budget and EDA Work Plan  Stakeholder Discussions On Targeted Business / Workforce Initiatives  Working Capital Loan Term Sheet Complete  Community engagement and input process  EDA/DMCC board member working session on November 13, 2014  4th Public Forum held on November 13, 2014  Agreement on the Legislative technical “fix” language MAJOR TASKS TO BE COMPLETED OVER NEXT 60 DAYS: The following provides an outline of the anticipated tasks to be completed in the next 60 days.  DMCC / City preliminary review and comment period on Preliminary Development Plan – December 18, 2014 to January 28, 2015  DMCC officially transmits the Preliminary Development Plan to the City – January, 29, 2015  City begins 60-day statutory review process – January 29, 2015  DMCC completes Annual Report – January 31, 2015 (target date)  DMCC / City submit Annual Report to DEED – February 15, 2015 (target date)  City Planning Committee Meeting (Preliminary Development Plan comments) – February 23, 2015 (target date)  Coordinate with DMCC / City to secure passage of the legislative technical “fix”  Coordinate with DMCC / City to resolve open issues with DEED  Note that the work of the DMC consultant planning team under contract with the EDA is scheduled for completion at the end of February 2015. DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT COST REPORT DETAIL COST REPORT #9 December 31, 2014 Sch e du le of Valu es Varian ce Work in Place Divisio n Desc rip tio n Maste r Pro ject Budg e t A Orig in al Con tract Amou nt B Con tract Revisions C Com m itted Costs B+C Com m itted Dire ct Owne r Purc has e s D Un-Com m itted Costs E Final Proje cted Cost B+C+D+E Ove r/(Un d e r) Budg e t (B+C +D+E )-A Tota l Work In Pla ce Perc en t Com p lete DEV E L O P M E NT COS T S 40-05-000 Arch itectu re & Eng in e erin g $2,431,000.00 $1,545,365.70 $152,468.43 $1,697,834.13 $0.00 $733,165.87 $2,431,000.00 $0.00 $1,150,536.16 47.33% 40-05-300 Plannin g Serv ice s, Architectu re , Enginee ring $2,431,000.00 $1,545,365.70 $152,468.43 $1,697,834.13 $0.00 $733,165.87 $2,431,000.00 $0.00 $1,150,536.16 47.33% 40-25-000 Mar k etin g & Public Relatio ns $790,000.00 $245,883.05 $85,813.03 $331,696.08 $0.00 $458,303.92 $790,000.00 $0.00 $269,610.49 34.13% 40-25-300 Com m unications, Marketing & PR $545,000.00 $183,137.76 $73,092.01 $256,229.77 $0.00 $288,770.23 $545,000.00 $0.00 $209,530.62 38.45% 40-25-310 Pub lic Rela tion s & Com m unica tio n s $245,000.00 $62,745.29 $12,721.02 $75,466.31 $0.00 $169,533.69 $245,000.00 $0.00 $60,079.87 24.52% 40-30-000 Develop m en t Servic es $2,350,000.00 $2,300,000.00 $0.00 $2,300,000.00 $0.00 $50,000.00 $2,350,000.00 $0.00 $2,050,000.00 87.23% 40-30-300 Deve lo p m en t Services $1,675,000.00 $1,675,000.00 $0.00 $1,675,000.00 $0.00 $0.00 $1,675,000.00 $0.00 $1,496,500.00 89.34% 40-30-310 Fin a ncial, Accou n ting & Investm e n t Services $675,000.00 $625,000.00 $0.00 $625,000.00 $0.00 $50,000.00 $675,000.00 $0.00 $553,500.00 82.00% 40-35-000 Legal Services $425,000.00 $126,208.01 $46,546.00 $172,754.01 $0.00 $252,245.99 $425,000.00 $0.00 $172,244.83 40.53% 40-35-300 Legal Serv ices $425,000.00 $126,208.01 $46,546.00 $172,754.01 $0.00 $252,245.99 $425,000.00 $0.00 $172,244.83 40.53% 40-55-000 Mis c Pro fe s sion a l Services $451,000.00 $298,473.00 $60,633.35 $359,106.35 $0.00 $91,893.65 $451,000.00 $0.00 $322,023.29 71.40% 40-55-300 Econ o m ic Analysis, Market Res e arc h , Reports $351,000.00 $298,473.00 $60,633.35 $359,106.35 $0.00 ($8 ,10 6 .35 ) $351,000.00 $0.00 $322,023.29 91.74% 40-55-310 Other Professio nal Service s & Project Costs $100,000.00 $0.00 $0.00 $0.00 $0.00 $100,000.00 $100,000.00 $0.00 $0.00 0.00% 40-90-000 Othe r Deve lo pm en t Costs $872,000.00 $93,849.94 $158,490.74 $252,340.68 $0.00 $619,659.32 $872,000.00 $0.00 $251,297.66 28.82% 40-90-115 Payroll, Sta ff, Adm in istration & Benefits-EDA $460,000.00 $0.00 $0.00 $0.00 $0.00 $460,000.00 $460,000.00 $0.00 $0.00 0.00% 40-90-120 General Exp enses-EDA $382,000.00 $93,849.94 $30,632.90 $124,482.84 $0.00 $257,517.16 $382,000.00 $0.00 $123,439.82 32.31% 40-90-300 Reim bursable Exp enses $30,000.00 $0.00 $127,857.84 $127,857.84 $0.00 ($97,857.84) $30,000.00 $0.00 $127,857.84 426.19% Sub total $7,319,000.00 $4,609,779.70 $503,951.55 $5,113,731.25 $0.00 $2,205,268.75 $7,319,000.00 $0.00 $4,215,712.43 57.60% PRO J ECT CONTINGE NCY 90-00-000 Project Con ting ency $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% Sub total $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% PRO J ECT TOTAL $7,319,000.00 $4,609,779.70 $503,951.55 $5,113,731.25 $0.00 $2,205,268.75 $7,319,000.00 $0.00 $4,215,712.43 57.60% DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT MILESTONE DATES The following provides an outline of the major milestone dates for the project known as of the date it was issued. This milestone schedule is not meant to be a comprehensive document and does not represent all meetings / calls, actions, tasks or deadlines associated with the project. The schedule is subject to change without notification. Calendar Year 2014 (Year-end Final Tasks) Date Milestone Schedule December 10th Due Date: EDA Payment Application #9 Submitted to DMCC for preliminary review/approvals December 17th EDA submits Preliminary Development Plan to the DMCC Calendar Year 2015 Date Milestone Schedule January 5th Due Date: EDA Payment Application #10 Submitted to EDA for preliminary review/approvals January 10th Due Date: EDA Payment Application #10 Submitted to DMCC for preliminary review/approvals January 22th EDA Board Meeting January 29th DMCC Board Meeting, DMCC transmits Preliminary Development Plan to City January 29th Commencement of City’s 60-day Comment Period on the Preliminary Development Plan January 31st Target Date: DMCC completes Annual Report, DMCC Board submits February 15th (See Below) February 3rd Due Date: EDA Payment Application #11 Submitted to EDA for preliminary review/approvals February 10th Due Date: EDA Payment Application #11 Submitted to DMCC for preliminary review/approvals February 15th Due Date: DMCC/City submit Annual Report to DEED February 19th EDA Board Meeting February 23rd Target Date: City Planning Committee Meeting February 26th DMCC Board Meeting March 1st Target Date: Completion of McGladry Review of Mayo Clinic Investments March 3rd Due Date: EDA Payment Application #12 Submitted to EDA for preliminary review/approvals March 10th Due Date: EDA Payment Application #12 Submitted to DMCC for preliminary review/approvals March 19th EDA Board Meeting March 23rd Target Date: Common Council Meeting to Adopt Development Plan March 26th DMCC Board Meeting April 1st Due Date: Submittal of 2014 Certification of Investment to DEED April 5th Due Date: EDA Payment Application #13 Submitted to EDA for preliminary review/approvals April 10th Due Date: EDA Payment Application #13 Submitted to DMCC for preliminary review/approvals April (TBD) DMCC Public Hearing on Development Plan April 23rd EDA Board Meeting: Any Final Actions on Development Plan / Approval of 2014 Investment Certification (confirm date) April 30th DMCC Board Meeting to Approve Development Plan (confirm date) May 5th Due Date: EDA Payment Application #14 Submitted to EDA for preliminary review/approvals May 10th Due Date: EDA Payment Application #14 Submitted to DMCC for preliminary review/approvals May 21 EDA Board Meeting June 5th Due Date: EDA Payment Application #15 Submitted to EDA for preliminary review/approvals June 10th Due Date: EDA Payment Application #15 Submitted to DMCC for preliminary review/approvals June 18th EDA Board Meeting July 5th Due Date: EDA Payment Application #16 Submitted to EDA for preliminary review/approvals July 10th Due Date: EDA Payment Application #16 Submitted to DMCC for preliminary review/approvals July 15th Due Date: DMCC report to DEED – Open Appointments, Annual Report Compilation July 23rd EDA Board Meeting August 1st Due Date: 2016 EDA Operating Budget Submittal to DMCC Due Date: DEED Certification of Amount of GSIA August 5th Due Date: EDA Payment Application #17 Submitted to EDA for preliminary review/approvals DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY (EDA) MONTHLY UPDATE REPORT Date Milestone Schedule August 10th Due Date: EDA Payment Application #17 Submitted to DMCC for preliminary review/approvals August 20th EDA Board Meeting September 1st Due Date: DMCC to Submit 2016 DMC Budget Request to the City of Rochester (Note includes DMCC, EDA and City Budgets) Due Date: DEED to Provide GSIA Funding to City September 5th Due Date: EDA Payment Application #18 Submitted to EDA for preliminary review/approvals September10th Due Date: EDA Payment Application #18 Submitted to DMCC for preliminary review/approvals September 17 EDA Board Meeting October 5th Due Date: EDA Payment Application #19 Submitted to EDA for preliminary review/approvals October 10th Due Date: EDA Payment Application #19 Submitted to DMCC for preliminary review/approvals October 22nd EDA Board Meeting November 5th Due Date: EDA Payment Application #20 Submitted to EDA for preliminary review/approvals November 10th Due Date: EDA Payment Application #20 Submitted to DMCC for preliminary review/approvals November 12th EDA Board Meeting December 5th Due Date: EDA Payment Application #21 Submitted to EDA for preliminary review/approvals December 10th Due Date: EDA Payment Application #21 Submitted to DMCC for preliminary review/approvals December 10th EDA Board Meeting December 17th DMCC Board Meeting OUTLINE OF DISCUSSIONS / ACTIONS AT DMCC BOARD MEETINGS & EDA / DMCC WORKING SESSION The following is a preliminary list of the items that may be discussed during the scheduled board meetings. Please note, this outline is preliminary in nature and is subject to change without notification. December 2014  Submission of the Preliminary Development Plan to the DMCC for review January 2015  DMCC Preliminary Development Plan comments / transmission to the City  City Review Process  EDA Operations Strategy February / March 2015  City’s 60-day statutory review process (actual start date: January 29th)  City comments and recommended amendments  Common Council adoption of the Development Plan April  DMCC Approval of Final Plan DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY 2015 MILESTONE SCHEDULE MILESTON DATES Calendar Year 2015 Date Milestone Schedule January 5th Due Date: EDA Payment Application #10 Submitted to EDA for preliminary review/approvals January 10th Due Date: EDA Payment Application #10 Submitted to DMCC for preliminary review/approvals January 22th EDA Board Meeting January 29th DMCC Board Meeting, DMCC transmits Draft Development Plan to City January 29th Commencement of City’s 60-day Comment Period on the Draft Development Plan January 31st Target Date: EDA completes Annual Report for review by DMCC Board, DMCC Board submits February 15th (See Below) February 3rd Due Date: EDA Payment Application #11 Submitted to EDA for preliminary review/approvals February 10th Due Date: EDA Payment Application #11 Submitted to DMCC for preliminary review/approvals February 15th Due Date: DMCC/City submit Annual Report to DEED February 19th EDA Board Meeting February 23rd Target Date: City Planning Committee Meeting February 26th DMCC Board Meeting March 1st Target Date: Completion of McGladry Review of Mayo Clinic Investments March 3rd Due Date: EDA Payment Application #12 Submitted to EDA for preliminary review/approvals March 10th Due Date: EDA Payment Application #12 Submitted to DMCC for preliminary review/approvals March 19th EDA Board Meeting March 23rd Target Date: Common Council Meeting to Adopt Development Plan March 26th DMCC Board Meeting April 1st Due Date: Submittal of 2014 Certification of Investment to DEED April 5th Due Date: EDA Payment Application #13 Submitted to EDA for preliminary review/approvals April 10th Due Date: EDA Payment Application #13 Submitted to DMCC for preliminary review/approvals April (TBD) DMCC Public Hearing on Development Plan April 23rd EDA Board Meeting: Any Final Actions on Development Plan / Approval of 2014 Investment Certification (confirm date) April 30th DMCC Board Meeting to Approve Development Plan (confirm date) May 5th Due Date: EDA Payment Application #14 Submitted to EDA for preliminary review/approvals May 10th Due Date: EDA Payment Application #14 Submitted to DMCC for preliminary review/approvals May 21st EDA Board Meeting May 28th DMCC Board Meeting June 5th Due Date: EDA Payment Application #15 Submitted to EDA for preliminary review/approvals June 10th Due Date: EDA Payment Application #15 Submitted to DMCC for preliminary review/approvals June 18th EDA Board Meeting June 25th DMCC Board Meeting July 5th Due Date: EDA Payment Application #16 Submitted to EDA for preliminary review/approvals July 10th Due Date: EDA Payment Application #16 Submitted to DMCC for preliminary review/approvals July 15th Due Date: DMCC report to DEED – Open Appointments, Annual Report Compilation July 23rd EDA Board Meeting July 30th DMCC Board Meeting August 1st Due Date: 2016 EDA Operating Budget Submittal to DMCC Due Date: DEED Certification of Amount of GSIA August 5th Due Date: EDA Payment Application #17 Submitted to EDA for preliminary review/approvals August 10th Due Date: EDA Payment Application #17 Submitted to DMCC for preliminary review/approvals August 20th EDA Board Meeting August 27th DMCC Board Meeting September 1st Due Date: DMCC to Submit 2016 DMC Budget Request to the City of Rochester (Note includes DMCC, EDA and City Budgets) Due Date: DEED to Provide GSIA Funding to City September 5th Due Date: EDA Payment Application #18 Submitted to EDA for preliminary review/approvals September10th Due Date: EDA Payment Application #18 Submitted to DMCC for preliminary review/approvals September 17 EDA Board Meeting DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY 2015 MILESTONE SCHEDULE September 24th DMCC Board Meeting October 5th Due Date: EDA Payment Application #19 Submitted to EDA for preliminary review/approvals October 10th Due Date: EDA Payment Application #19 Submitted to DMCC for preliminary review/approvals October 22nd EDA Board Meeting October 29th DMCC Board Meeting November 5th Due Date: EDA Payment Application #20 Submitted to EDA for preliminary review/approvals November 10th Due Date: EDA Payment Application #20 Submitted to DMCC for preliminary review/approvals November 12th EDA Board Meeting November 19th DMCC Board Meeting December 5th Due Date: EDA Payment Application #21 Submitted to EDA for preliminary review/approvals December 10th Due Date: EDA Payment Application #21 Submitted to DMCC for preliminary review/approvals December 10th EDA Board Meeting December 17th DMCC Board Meeting