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HomeMy WebLinkAbout7/30/2015 DMCC Board Meeting - Agenda and Meeting Packet DESTIN ATION MEDICAL CENTER CORPOR ATION (DMCC) BOARD MEETING 9:30 A.M. THURSDAY, July 30, 2015 MAYO CIVIC CENTER - ROCHESTER TO:  Jim Bier, DMCC Treasurer  From:  Dale Martinson, DMCC Assistant Treasurer  Date:  June 11, 2015  RE:  Request for 2014 Budget Encumbrance  Background:  The 2014 budget request for the Destination Medical Center Corporation (DMCC) was based, in large  part, on the estimated cost to complete the official DMC Plan.  The budget included a small amount  for operations of the DMCC, but $7.3 million of the $8.5 million request was for the DMC EDA and  largely their work plan was to complete this plan document.    Though many had hoped to complete this plan document by the end of 2014, it did take until April  23th of 2015 to become fully adopted.  At the end of 2014, there were outstanding accounts payable  items for work already completed by not paid, contract commitments for which work had been  legally contracted to complete on the plan but had not yet been completed, and there would be  further amendments to contracts needed to fully complete the work on the plan due to the extension  of time required.  The table below reflects the net additional spending that occurred during 2015 related to the  “project” of completing The Plan.   Since these costs were not anticipated when the DMC EDA and  DMCC Board established the 2015 budget request, they are requesting the amount of $570,106 be  encumbered, or “carried over” from the 2014 budget request and added to the total 2015 budget.   Finance personnel from the City, DMCC and DMCC EDA have reviewed and discussed these numbers  and are in agreement with the amounts.  This request reflects that the 2014 EDA share of program costs, including this requested carryover,  still remains $1.8 million under the their budget amount requested and approved for 2014.    Request:  Encumber $570,106 of the DMCC 2014 Budget and carry this forward to the 2015 budget request as  it represents project closeout costs related to the completion of the DMCC Plan.  Total amended 2015  budget request would therefore be $ 4,642,909.    Original 2014 Actual  2014 Advance  of Remaining Final Needed Remaining 2014 DMCC Budget Expenditures Working Capital To Complete Budget for Plan Unspent Budget 1)1) DMCC 886,000              495,486           3,000                            866,000                                   367,514                 DMC EDA 7,319,000           4,920,961        10,000                         570,106                       5,501,067                               1,817,933             8,205,000           5,416,447        13,000                         570,106                       6,367,067                               2,185,447             2015 Approved Budget 4,072,803                    2015 Amended Budget w/Carryfwd 4,642,909                    1) Additional City Expenses, included in budget but not paid by DMCC for City & County Staff time, accounting, etc. 217,694$               2) Mayo  in‐kind amount in 2014 on DMCC activities totaled $987,570 (additional detail requested) TO:  Jim Bier, Treasurer   Kathleen Lamb, Atty    FR:  Dale Martinson, Assistant Treasurer  Date:  April 23, 2015  RE:  June 2015 Financial Summary    The attached financial summary for June reflects the first of 2015 activity, totaling $981,025  with the most significant costs showing in the DMC EDA professional services area, with the  largest payments relating to the Hammes Company Contract.   Additionally, trailing billings were still be paid on the contracts associated with the 2014  budgeted activity of creating and adopting “The Plan”.  This section reflects June payouts of  $182,762 in this area with just under $20,000 remaining in contract commitments by the end of  June to close out this 2014‐authorized work.  Board members will note the $570,106 of  requested 2014 budget carryover that is being requested for approval under a separate agenda  item in today’s packet.   The attachments reflect the DMC EDA budget and contract commitments through June 2015.   The first one reflects those costs and commitments under the 2015 (current‐year) budget  authority and the second one reflects the 2014 total budget authority and contract  commitments.   Please feel free to contact me with any questions or concerns.  Destination Medical Center Corporation Financial Budget Summary  June 2015 2015 Amended Curent Month June 2015 Amount Percent Approved Budget June 2015 YTD Remaining Remaining General Expenses 217,203                               1,596                            16,083                    201,120                93% Professional Services 780,600                               103,776                  676,824                87% City Expenses 275,000                                ‐                           275,000                100% Subtotal DMCC 1,272,803                            1,596                            119,859                  1,152,944            91% Third Party Costs ‐ DMC EDA * Payroll, Staff, Administration & Benefits‐EDA 218,000                                ‐                                  ‐                           218,000                100% General Expenses ‐ EDA 79,000                                  1,167                            1,167                      77,833                  99% Economic Development Outreach 108,000                               102,020                        102,020                  5,980                    6% Meeting Expenses ‐                                         ‐                                  ‐                            ‐                         Professional Services 2,295,000                            757,979                        757,979                  1,537,021            67% Miscellaneous Expenses 100,000                                ‐                                 100,000                100% Subtotal EDA 2,800,000                            861,166                        861,166                  1,938,834            69% Total DMCC 2015 4,072,803                            862,762                        981,025                  3,091,778            76% ‐                            ‐                         ‐                Plus 2014 EDA Project/Contract Carryover 570,106                               * 182,163                        550,644                  19,462                  3% DMCC Working Capital Note 1,000                       * See Attached Contract Commitments for EDA Portion EDA Working Capital Note 10,000                     *Carryover of 2014 Budget to complete plan as requested of board on current agenda Report 4002 7/20/2015 - 4:44 PM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY (2015) DETAIL COST REPORT #1 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 $135,000.00 $13,390.47 $0.00 $13,390.47 $0.00 $121,609.53 $135,000.00 $0.00 $1,299.57 0.96% 40-05-300 Planning Services, Architecture, Engineering $135,000.00 $13,390.47 $0.00 $13,390.47 $0.00 $121,609.53 $135,000.00 $0.00 $1,299.57 0.96% 40-25-000 Marketing & Public Relations $318,000.00 $386,516.20 $0.00 $386,516.20 $0.00 ($68,516.20)$318,000.00 $0.00 $102,019.94 32.08% 40-25-300 Communications, Marketing & PR $108,000.00 $273,225.00 $0.00 $273,225.00 $0.00 ($165,225.00)$108,000.00 $0.00 $91,012.50 84.27% 40-25-310 Public Relations & Communications $210,000.00 $113,291.20 $0.00 $113,291.20 $0.00 $96,708.80 $210,000.00 $0.00 $11,007.44 5.24% 40-30-000 Development Services $1,900,000.00 $1,862,000.00 $0.00 $1,862,000.00 $0.00 $38,000.00 $1,900,000.00 $0.00 $742,000.00 39.05% 40-30-300 Development Services $1,860,000.00 $1,860,000.00 $0.00 $1,860,000.00 $0.00 $0.00 $1,860,000.00 $0.00 $740,000.00 39.78% 40-30-310 Financial, Accounting & Investment Services $40,000.00 $2,000.00 $0.00 $2,000.00 $0.00 $38,000.00 $40,000.00 $0.00 $2,000.00 5.00% 40-35-000 Legal Services $50,000.00 $3,279.50 $0.00 $3,279.50 $0.00 $46,720.50 $50,000.00 $0.00 $3,279.50 6.56% 40-35-300 Legal Services $50,000.00 $3,279.50 $0.00 $3,279.50 $0.00 $46,720.50 $50,000.00 $0.00 $3,279.50 6.56% 40-90-000 Other Development Costs $397,000.00 $39,166.97 $0.00 $39,166.97 $0.00 $357,833.03 $397,000.00 $0.00 $12,566.97 3.17% 40-90-115 Payroll, Staff, Administration & Benefits-EDA $218,000.00 $0.00 $0.00 $0.00 $0.00 $218,000.00 $218,000.00 $0.00 $0.00 0.00% 40-90-120 General Expenses-EDA $79,000.00 $1,166.97 $0.00 $1,166.97 $0.00 $77,833.03 $79,000.00 $0.00 $1,166.97 1.48% 40-90-300 Reimbursable Expenses $100,000.00 $38,000.00 $0.00 $38,000.00 $0.00 $62,000.00 $100,000.00 $0.00 $11,400.00 11.40% Subtotal $2,800,000.00 $2,304,353.14 $0.00 $2,304,353.14 $0.00 $495,646.86 $2,800,000.00 $0.00 $861,165.98 30.76% 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 $2,800,000.00 $2,304,353.14 $0.00 $2,304,353.14 $0.00 $495,646.86 $2,800,000.00 $0.00 $861,165.98 30.76% Work in PlaceSchedule of Values June 30, 2015 Report 4002 7/20/2015 - 4:46 PM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY DETAIL COST REPORT #14 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 $1,545,921.60 $94,900.87 $1,640,822.47 $0.00 $765,022.67 $2,405,845.14 ($25,154.86)$1,625,727.69 67.57% 40-05-300 Planning Services, Architecture, Engineering $2,431,000.00 $1,545,921.60 $94,900.87 $1,640,822.47 $0.00 $765,022.67 $2,405,845.14 ($25,154.86)$1,625,727.69 67.57% 40-25-000 Marketing & Public Relations $790,000.00 $247,563.05 $160,036.72 $407,599.77 $0.00 $382,400.23 $790,000.00 $0.00 $407,428.03 51.57% 40-25-300 Communications, Marketing & PR $545,000.00 $183,137.76 $135,326.90 $318,464.66 $0.00 $226,535.34 $545,000.00 $0.00 $318,463.16 58.43% 40-25-310 Public Relations & Communications $245,000.00 $64,425.29 $24,709.82 $89,135.11 $0.00 $155,864.89 $245,000.00 $0.00 $88,964.87 36.31% 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 $2,300,000.00 97.87% 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 $1,675,000.00 100.00% 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 $625,000.00 92.59% 40-35-000 Legal Services $425,000.00 $126,208.01 $325,641.64 $451,849.65 $0.00 $0.00 $451,849.65 $26,849.65 $451,849.65 100.00% 40-35-300 Legal Services $425,000.00 $126,208.01 $325,641.64 $451,849.65 $0.00 $0.00 $451,849.65 $26,849.65 $451,849.65 100.00% 40-55-000 Misc Professional Services $451,000.00 $298,473.00 $57,783.35 $356,256.35 $0.00 $20,054.45 $376,310.80 ($74,689.20)$352,060.29 93.56% 40-55-300 Economic Analysis, Market Research, Reports $351,000.00 $298,473.00 $57,783.35 $356,256.35 $0.00 $2,850.00 $359,106.35 $8,106.35 $352,060.29 98.04% 40-55-310 Other Professional Services & Project Costs $100,000.00 $0.00 $0.00 $0.00 $0.00 $17,204.45 $17,204.45 ($82,795.55)$0.00 0.00% 40-90-000 Other Development Costs $872,000.00 $182,504.02 $162,034.61 $344,538.63 $0.00 $600,455.78 $944,994.41 $72,994.41 $344,538.63 36.46% 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 $182,504.02 $32,190.55 $214,694.57 $0.00 $140,455.78 $355,150.35 ($26,849.65)$214,694.57 60.45% 40-90-300 Reimbursable Expenses $30,000.00 $0.00 $129,844.06 $129,844.06 $0.00 $0.00 $129,844.06 $99,844.06 $129,844.06 100.00% Subtotal $7,319,000.00 $4,700,669.68 $800,397.19 $5,501,066.87 $0.00 $1,817,933.13 $7,319,000.00 $0.00 $5,481,604.29 74.90% 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 $4,700,669.68 $800,397.19 $5,501,066.87 $0.00 $1,817,933.13 $7,319,000.00 $0.00 $5,481,604.29 74.90% Work in PlaceSchedule of Values June 30, 2015 ! DESTINATION!MEDICAL!CENTER! ECONOMIC!DEVELOPMENT!AGENCY! DRAFT!7.27.2015! 1 BACKGROUND!/!STATUTORY!FRAMEWORK! ! •"In!2016,!the!Destination!Medical!Center!(“DMC”)!initiative!will!be!firmly!rooted!in!the!implementation!phase!of! work.!! •"The!work!to!be!undertaken!is!just!as!envisioned!by!lawmakers!and!the!executive!branch!in!2013,!and!even!more! tangible!and!important!today!with!the!backing!of!a!strong!Development!Plan,!which!was!created!with!a!compelling! vision!that!harnesses!the!energy!and!creativity!of!the!entire!community.!!! •"The!Development!Plan!and!annual!Workplans!will!guide!the!State’s!most!important!publicNprivate!development! initiative!–!one!designed!with!the!potential!to!leverage!significant!private!investment!and!generate!$7.5!billion!to! $8!billion!in!tax!revenues!and!35,000!to!45,000!new!jobs!with!proper!execution!of!these!plans.!! ! DMC!EDA!PURPOSE! ! The!DMC!Economic!Development!Agency!(“DMC!EDA”)!is!the!entity!responsible!for!“developing!and!marketing”!the!DMC! initiative!on!behalf!of!the!Destination!Medical!Center!Corporation!(“DMCC”)!and!the!City,!consistent!with!the!DMC!Mission.!! ! •"The!specific!responsibilities!of!the!DMC!EDA!are!enumerated!under!the!Minnesota,!Chapter!143,!Article!10,!as! amended!(the!“DMC!Law”).! •"Additional,!consistent!responsibilities!are!outlined!in!the!contract!between!the!DMCC!and!the!DMC!EDA.!! •"The!DMC!EDA’s!Goals!and!related!work!will!be!based!upon!strategic!priorities!and!desired!outcomes!and!will!be! informed!and!driven!by!the!DMC!Development!Plan!and!annual!Workplans,!as!well!as!topicNspecific!strategic! implementation!plans.! ! ! ! DESTINATION!MEDICAL!CENTER! ECONOMIC!DEVELOPMENT!AGENCY! DRAFT!7.27.2015! 2 ! ! ! SUMMARY!OF!PRIMARY!OUTCOMES! 2016!KEY!DELIVERABLES!&!TASKS! ! •"Realize!the!economic!development!potential!of!DMC,!generate!market!demand,!and!continue!to!build!local!to! international!support.! o"Organize!a!"DMC!DAY"!event!in!Rochester!that!invites!potential!private!and!public!partners!to!participate! in!a!detailed!tutorial!on!how!DMC!connects!to!Mayo's!business!strategy.! o"Evolve! DMC! brand! identity! and! create!marketing/collateral! materials! highlighting! Heart! of! City! and! Discovery!Square.! o"Develop!a!master!list!of!at!least!250!thought!leaders!(local!to!national)!that!will!be!provided!a!DMC! update!letter!at!least!twice!in!2016.!!Smaller!groups!may!be!identified!for!personal!outreach!or!briefings.! o"Expand!news!media!outreach!and!DMC!story!development!by!targeting!at!least!12!MN!State!media! outlets!and!10!highNvalue!national!media!outlets!(working!in!coordination!with!Mayo!public!affairs)!for! briefings!and!to!offer!ideas!for!possible!DMC!stories.! o"Facilitate/assist!with!programming!and!placemaking!related!to!public!spaces.! o"Develop!not!less!than!5!shortN!and!longNterm!strategies!for!leveraging!existing!stakeholder!relationships! and!meeting!each!of!the!business/economic!development!goals!of!Development!Plan!(i.e.,!ignite!BioN MedNTech!economy!through!Discovery!Square,!catalyze!growth!in!the!Heart!of!the!City,!diversify!business! base! in! the! Development! District,! foster! entrepreneurial! enterprise! and! innovation,! and!facilitate!a! regional!economy).!!!! o"Enter!Phase!2!(advanced)!redesign!of!DMC/DMC!EDA!Web!Site!to!provide!additional!functionality!for! project! developers! to! track! DMC! funding! process! and! development! progress! in! Heart! of! City! and! Discovery!Square.! ! DESTINATION!MEDICAL!CENTER! ECONOMIC!DEVELOPMENT!AGENCY! DRAFT!7.27.2015! 3 o"Meet! monthly! with! leaders! in!the! six!policy!areas! of! focus:! (1)! energy/sustainability,!(2)! healthy! communities,!(3)!historic!preservation,!(4)!affordable!housing,!(5)!targeted!businesses,!and!(6)!arts!and! culture,!as!well!as!community!services,!to!identify!a!“Quality!of!Life”!scorecard.! o"Continue!to!foster,!promote!and!support!community!voices!that!are,!or!will!be!users,!of!the!downtown! area!(students,!millennials,!baby!boomers,!etc.)! ! •"Identify!and!recruit!high!priority!partners!for!“Discovery!Square”.! o"Meet!not!less!than!monthly!with!Mayo!Clinic!to!complete!Discovery!Square!feasibility!study!and!project! plan!by!February!1st,!2016.!! o"Meet!monthly!!with!Mayo!Clinic/Mayo!Ventures!to!begin!recruitment!of!!top!10!BioNMedNTech!partners! for!Discovery!Square!in!2nd!–!4th!quarters!of!2016.! o"Meet!with!IBM!to!identify!technologyNbased!opportunities!for!Discovery!Square;!present!related!strategic! implementation!plan!by!3rd!quarter!of!2016.! o"Launch!DMC!Discovery!Square!initiative!at!2016!International!BioConference,!June!6th!through!9th.! o"Identify/participate!in!3!to!5!other!statewide/national/international!conferences!and!events!in!BioNMedN Tech!industry.! o"Work!with!Mayo!Clinic!to!identify!a!Developer!for!Discovery!Square!by!2nd!quarter!of!2016.! o"Meet!at!least!quarterly!with!key!organizations!to!align!shared!vision!for!Discovery!Square!(e.g.,!BioAM,! RAEDI,!Rochester!Community!&!Technical!College,!University!of!MN,!Rochester!Public!School!System,! Rochester!Downtown!Alliance,!Rochester!Convention!&!Visitors!Bureau,!etc.).! ! •"Facilitate!desired!private!investments!to!participate!in!“Heart!of!the!City”.! o"Work! with! the! City! of! Rochester! and! Mayo! Clinic! to! finalize! Phase! 1! priorities! for! desired! private! developments!in!downtown!Rochester.! o"Create!workforce!strategies!targeted!to!BioNMedNTech,!Construction,!and!Hospitality!industries.! o"Identify!and!engage!5!to!6!potential!hospitality!industry!partners!for!Heart!of!City!development!including! a!fiveNstar!hotel.! o"Identify/participate! in! 2! to! 3! statewide/national/international! conferences! and! events! in! Retail/Dining/Entertainment/Experience! industry! (e.g.,! RECon! Global! Retail! Real! Estate! Convention,! International!Downtown!Association).! o"Meet! not! less! than! quarterly! with! key!organizations! to! align! shared! vision! on! patients’,!visitors’!and! residents’!overall!experience!in!Heart!of!the!City,!including!programmed!public!spaces!(e.g.,!Mayo!Clinic! Concierge,!Office!of!Patient!Experience,!Hospitality!First,!RCVB,!RDA,!Chamber!of!Commerce,!Historic! Preservation,!RAEDI,!City!Parks!and!Recreation).! ! •"Support!City!of!Rochester’s!Transportation!and!Infrastructure!planning!initiatives.!! o"Utilize!Mayo!patient!and!employee!research/resources!to!establish!5!key!shortN!and!longNterm!goals!for! Transportation!initiatives.! o"Assist!City!of!Rochester!and!Olmsted!County!with!Preliminary!Engineering!Studies/Concept!Designs!for! Development!Plan!Phase!1!projects.! o"Help!align!transportation/infrastructure!needs!to!anticipated!Mayo!growth!and!other!private!investments! (Mayo!strategic!transportation!recommendations!by!4th!quarter!of!2016).!! o"Engage!contiguous!community!neighborhoods!on!transportation!and!transit!initiatives!(e.g.,!Rneighbors,! Mayor’s!Neighborhood!Council,!Kutzky!Park,!Slatterly!Park,!East!Side,!Sunny!Side,!Historic!SW,!Northrup).!! o"Add! Web! Site! functionality! and! information! to! highlight! future! transportation!options/alternatives. ! DESTINATION!MEDICAL!CENTER! ECONOMIC!DEVELOPMENT!AGENCY! DRAFT!7.27.2015! A-1 ! APPENDIX!A! PROPOSED!2016!BUDGET! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! DESTINATION!MEDICAL!CENTER! ECONOMIC!DEVELOPMENT!AGENCY! DRAFT!7.27.2015! B-1 ! APPENDIX!B! COMPREHENSIVE!2016!WORKPLAN! ! SPECIFIC!BUSINESS!&!ECONOMIC!DEVELOPMENT!DELIVERABLES!/!TASKS! ! •"Business!Development!&!Relations! o"Implement! Adopted! Strategies! of! Development! Plan! and! Detailed! Business! Development! Strategic! Implementation!Plan! o"Provide!Metrics!Reporting!to!Measure!Goals!and!Objectives!of!the!Development!Plan! o"Provide! Grant! Writing! Assistance! (State,! Federal,! Local),! Tax! Credit! Application! Assistance! and! Other! Funding!Sources!for!Priority!Projects! o"Provide!Site!Location!and!Demographic!Information!to!Potential!Private!Project!Sponsors!and!Economic! Development!Partners! o"Develop!Recruitment!and!Retention!Strategies!to!Address!Work!Force!Development!Needs!in!Targeted! Business!Sectors! o"Provide!Environmental,!Infrastructure!and!Utility!Information!to!Private!Sponsors! ! •"Economic!Development! o"Facilitate!Catalytic!Development!Planning!Efforts!with!Mayo,!City,!Other!Stakeholders! o"Facilitate!the!Execution!of!Feasibility!Studies!and!Project!Plans!by!Other!Private!Partners!for!Priority! Development!Areas! o"Coordinate!with!City!of!Rochester!on!Integration!of!the!Development!Plan!with!the!City!Comprehensive! Plan,!Ordinances,!Policies! o"Coordinate!with!City!of!Rochester!on!Citywide!Initiatives,!Including!Policy!Initiatives!such!as!Energy!and! Sustainability,!Healthy!Communities,!Historic!Preservation,!Affordable!Housing,!W/MBE,!and!Arts!and! Culture! o"Monitor!Private!Development!in!the!Development!District!and!Forecast!Private!Expenditures! o"Assist!in!Identifying!and!Evaluating!Partnerships!for!Investment!(Including!StartNUps,!Business!Incubators,! Established!Companies)!! o"Assist! in! Identifying! and! Evaluating! Sponsorship! Opportunities! and! Facilitate! Further! PublicNPrivate! Partnerships! ! •"Planning!&!Infrastructure! o"Work!with!City!of!Rochester!and!Olmsted!County!to!Manage!Preliminary!Engineering!Studies/Concept! Designs!for!Development!Plan!Phase!1!Transportation!and!Infrastructure!Plans! o"Work!with!City!of!Rochester!and!Olmsted!County!to!Establish!Transit!Management!Authority! o"Coordinate!Master!Signage/Wayfinding!Plan!with!the!City! o"Coordinate!with!the!City!of!Rochester!and!other!Stakeholders!on!Infrastructure!Planning!for!Priority! ! SPECIFIC!OUTREACH!/!ENGAGEMENT,!COMMUNICATIONS!&!PUBLIC!RELATIONS!DELIVERABLES!/!TASKS! ! •"Business!Development!Outreach! o"Coordinate!Messaging!and!Materials!in!Support!of!Strategic!Priorities!Identified!in!the!DMC!Development! Plan!and!by!the!DMCC!Board! o"Select!a!Marketing!Consultant!to!Develop!a!Business!Development!Strategic!Implementation!Plan!that!will! Attract!Business!and!Foster!Economic!Development!in!the!DMC!District!! ! DESTINATION!MEDICAL!CENTER! ECONOMIC!DEVELOPMENT!AGENCY! DRAFT!7.27.2015! B-2 ! o"Oversee!Preparation!and!Implementation!of!Business!Development!Strategic!Plan! o"Implement!Brand!Use!Guidelines,!Protocols! o"Manage!Marketing!and!Communications!Consultants!to!the!DMC!EDA!and!DMCC! o"Provide!Metrics!to!Measure!Goals!and!Objectives! o"Coordinate! Attendance,! Visibility! and! Sponsorship! for! Key! Conferences,! Activities! (Local,! Regional,! National,!International)! o"Facilitate!Promotional!and!Sponsorship!Initiatives! o"Manage!and!Coordinate!Ongoing!Meetings!and!Opportunities!for!the!Public!to!Gather!to!Inform!and! Consult!(e.g.,!World!Café,!Public!Forums,!Social!Media,!Open!Houses,!etc.)!! ! •"Communications!&!Collateral!Material(s)! o"Develop!and!Implement!Outreach!Strategy! o"Oversee!All!Communication!Vehicles:!Collateral,!Social!Media!Platforms,!Blog,!DMC!Website!Content,! Newsletter,!External!Communications!! o"Coordinate!Communications!Initiatives!with!Stakeholders:!EDA,!Mayo,!City,!County,!and!State!! ! •"!Community!Outreach!/!Engagement! o"Implement!Community!Relations!Strategic!Implementation!Plan! •"Develop! Additional,! Specific! Strategies! for! Cooperation! with! Local,! Regional! and! National! Partners!Based!Upon!Private!Project!Development! o"Continue!to!Foster!Connections!to!Related!Programs!and!Services!with!Mayo!Clinic,!RCVB,!Chamber,! RAEDI,!RDA!and!Other!Community!Organizations! o"Provide!Metrics!Reporting!to!Measure!Goals!and!Objectives! o"Manage!and!Respond!to!Community!Requests!and!Inquiries! ! SPECIFIC!OPERATIONS!DELIVERABLES!/!TASKS! ! •"Management! o"Prepare!Monthly!and!Annual!DMC!EDA/DMCC!Reports! o"Manage!Other!Operational!Responsibilities!of!the!DMC!EDA!as!Required!by!the!DMC!Law! o"Prepare/Manage!the!DMC!EDA!Operational!Workplan!for!Phase!3!(2017!and!beyond)! o"Manage!and!Oversee!Subconsultants,!Contracts! ! •"Coordination! o"Interface!with!Mayo!Clinic,!Other!Stakeholders! o"Coordinate!Scheduling!and!Materials!for!DMC!EDA/DMCC!Board!Meetings!and!Community!Events! o"Coordinate!Communications!with!Project!Sponsors!and!Economic!Development!Partners! ! •"Reporting!&!Monitoring! o"Monitor!DMC!Development!District!Project!Development! o"Track!and!Report!on!Economic!and!Fiscal!Impacts!Occurring!in!the!DMC!Development!District!! o"Monitor!Land!Sales,!Property!Inventory!and!Parcel!Acquisitions!in!the!DMC!District! o"Track!and!Report!Workforce!Development!Achievements! ! ! ! ! ! DESTINATION!MEDICAL!CENTER! ECONOMIC!DEVELOPMENT!AGENCY! DRAFT!7.27.2015! B-3 ! SPECIFIC!FINANCE!DELIVERABLES!/!TASKS! ! •"Project!Funding! o"Prepare!DMC!Funding!Evaluation!Reports,!including:!! •"Review!of!Minimum!Eligibility!Requirements! •"Review!of!all!Financial!and!Economic!Modeling!Submitted!in!Funding!Applications! •"Validation!of!Construction!Funding!Gap!Analysis!! •"Conduct!or!Review!Financial!Feasibility!Analysis!,!including!Operating!Pro!Forma! •"Conduct!or!Review!Fiscal!and!Economic!Impact!Analysis! o"Coordinate!with!City!and!County!on!Transportation!Funding!! o"Monitor,!Facilitate!Opportunities!for!Other!Project!Funding!Sources! ! •"Compliance! o"Monitor!Covenants!of!DMC!Fund!Loans/Grants! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P CLAconnect.com Destination Medical Center Corporation Audit Results for Year Ended December 31, 2014 ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P Agenda •Financial Statements •Audit Results •Required Communications ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P Financial Statements •Prepared based on Governmental Accounting Standards Board pronouncements •Single program entity –Function is economic development –Present expenditures by type (natural classification) •Component unit –DMCC is a component unit of (included in) City of Rochester’s financial statements –DMCEDA is not a component unit of DMCC –Will evaluate component unit reporting annually ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P Financial Statements : Assets & Liabilities $- $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2014 Assets Liabilities ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P Financial Statements : Revenues & Expenditures $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 $5,000,000 $5,500,000 $6,000,000 2014 Revenues Expenditures ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P Audit Results •Financial statements •Internal controls –no findings •Minnesota legal compliance –no findings ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P Required Communications •Audit provides reasonable, but not absolute assurance •Accounting policies –described in Note 1 to the financial statements •Audit adjustments --two entries that changed net income to break-even •No disagreement or difficulties with management ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P Items to Complete •Federal and state tax returns ©2 0 1 5 C l i f t o n L a r s o n A l l e n L L P Thank you for allowing us to serve you! Contact Information: Craig Popenhagen, Principal 507-434-7041 Craig.popenhagen@claconnect.com Craig Martindale, Senior 507-434-7039 Craig.martindale@claconnect.com DESTINATION MEDICAL CENTER CORPORATION (A COMPONENT UNIT OF THE CITY OF ROCHESTER, MINNESOTA) FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2014 DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA TABLE OF CONTENTS YEAR ENDED DECEMBER 31, 2014 INTRODUCTORY SECTION BOARD OF DIRECTORS SECTION I –FINANCIAL SECTION INDEPENDENT AUDITORS’ REPORT 1 FINANCIAL STATEMENTS STATEMENT OF NET POSITION AND GOVERNMENTAL FUND BALANCE SHEET 3 STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE 4 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE –BUDGET AND ACTUAL –GENERAL FUND 5 NOTES TO FINANCIAL STATEMENTS 6 SECTION II –COMPLIANCE LETTERS INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 12 INDEPENDENT AUDITORS’ REPORT ON MINNESOTA LEGAL COMPLIANCE 14 DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA BOARD OF DIRECTORS BOARD OF DIRECTORS Tina Flint Smith Chair R.T. Rybak Vice Chair Jim Bier Treasurer Ardell F. Brede Director James Campbell Director Bill George Director Ed Hruska Director Susan Rani Director SECTION I –FINANCIAL SECTION (This page intentionally left blank) (1)An independent member of Nexia International INDEPENDENT AUDITORS’REPORT Board of Directors Destination Medical Center Corporation Rochester, Minnesota We have audited the accompanying financial statements of the governmental activities and the general fund of the Destination Medical Center Corporation (Corporation), a component unit of the City of Rochester, Minnesota,as of and for the year ended December 31, 2014, and the related notes to the financial statements, which collectively comprise the Corporation’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Corporation’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Board of Directors Destination Medical Center Corporation (2) Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and the general fund of the Destination Medical Center Corporation as of December 31, 2014, and the respective changes in financial position and the budgetary comparison for the General Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Management has omitted the Management’s Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of the financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic financial statements is not affected by this missing information. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 16, 2015, on our consideration of the Destination Medical Center Corporation’s internal control over financial reporting and on our tests of its compliance with certain provisions of the laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Destination Medical Center Corporation’s internal control over financial reporting and compliance. CliftonLarsonAllen LLP Austin, Minnesota June 16, 2015 DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA STATEMENT OF NET POSITION AND GOVERNMENTAL FUND BALANCE SHEET DECEMBER 31, 2014 See accompanying Notes to Financial Statements. (3) General Statement of Fund Adjustments Net Position AS SETS Cash and Cash Equivalents 2,740$ -$ 2,740$ Advances to DMC EDA 10,000 - 10,000 Due from Other Governments 1,265,600 - 1,265,600 Prepaids 14,138 - 14,138 Total Assets 1,292,478$ - 1,292,478 LIABILITIES Accounts Payable 1,265,340$ - 1,265,340 Due to Other Governments 3,000 - 3,000 Unearned Revenue 24,138 - 24,138 Total Liabilities 1,292,478 - 1,292,478 FUND BALANCE/NET POSITION Fund Balance Unassigned - - - Total Fund Balance - - - Total Liabilities and Fund Balance 1,292,478$ Net Position Unrestricted - - Total Net Position -$ -$ DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA STATEMENT OF ACTIVITIES AND GOVERNMENTAL FUND REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE YEAR ENDED DECEMBER 31, 2014 See accompanying Notes to Financial Statements. (4) General Statement of Fund Adjustments Activities EXPENDITURES/EXPENSES Economic Development Building Rent 3,174$ -$ 3,174$ Legal Consultants 455,165 455,165 Other Professional Services 21,927 21,927 Travel and Training 10,508 10,508 Insurance 4,712 4,712 Program Costs 4,920,961 - 4,920,961 Total Expenditures/Expenses 5,416,447 - 5,416,447 PROGRAM REVENUES Intergovernmental Local Government 5,416,446 - 5,416,446 Total Program Revenues 5,416,446 - 5,416,446 Net Program Revenues (1) - (1) GENERAL REVENUES Investment Earnings 1 - 1 Total General Revenues 1 - 1 Change in Fund Balance - - - Change in Net Position - - - FUND BALANCE/NET POSITION Beginning of Year - - - End of Year -$ -$ -$ DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE –BUDGET AND ACTUAL GENERAL FUND YEAR ENDED DECEMBER 31, 2014 See accompanying Notes to Financial Statements. (5) Over (Under) Actual Final Original Final Amounts Budget REVENUES Intergovernmental Local Government 8,205,000$ 8,205,000$ 5,416,446$ (2,788,554)$ Investment Earnings - - 1 1 Total Revenues 8,205,000 8,205,000 5,416,447 (2,788,553) EXPENDITURES Current: Building Rent 20,000 20,000 3,174 (16,826) Legal Consultants 400,000 400,000 455,165 55,165 Other Professional Services 340,000 340,000 21,927 (318,073) Travel and Training 126,000 126,000 10,508 (115,492) Insurance - - 4,712 4,712 Program Costs 7,319,000 7,319,000 4,920,961 (2,398,039) Total Expenditures 8,205,000 8,205,000 5,416,447 (2,788,553) Excess of Revenues Over Expenditures -$ -$ - -$ FUND BALANCE Beginning of Year - End of Year -$ Budgeted Amounts (This page intentionally left blank) DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 (6) NOTE 1 SUMMARY OF SIGNIFICANT AC COUNTING POLICIES The Destination Medical Center Corporation (the Corporation)is a component unit of the City of Rochester, Minnesota, and was incorporated on July 23, 2013. The Corporation was established by the City of Rochester, Minnesota pursuant to Minnesota Statutes Section 469.41 as a Minnesota non-profit corporation. The Corporation was established to benefit the City, and more broadly, Olmsted County and the State of Minnesota by researching, preparing and implementing a master development plan, including facilitating public infrastructure projects and a variety of development and redevelopment projects, all to promote and provide for the establishment of the City, the County, and the State as a world destination medical center. The Corporation is governed by a Board of Directors consisting of eight directors. The composition of the Board of Directors include the Mayor of the City of Rochester or the Mayor’s designee, the City of Rochester Council President or the President’s designee, the Chair or another member of the County Board of Olmsted County, a representative of Mayo Clinic, and four directors appointed by the Governor of Minnesota. Basis of Presentation The financial statements of the Destination Medical Center Corporation have been prepared in conformity with Accounting Principles Generally Accepted in the United States of America. (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The GASB pronouncements are recognized as generally accepted accounting principles in the United States of America for state and local governments. Financial Reporting Entity The Corporation was established to oversee the planning and implementation of the Destination Medical Center initiative.The Corporation works with the City of Rochester, Minnesota and the Destination Medical Center Economic Development Agency to prepare and adopt a development plan. Component units are legally separate entities for which the Corporation (primary government) is financially accountable, or for which the exclusion of the component unit would render the financial statements of the primary government misleading. The criteria used to determine if the primary government is financially accountable for a component unit include whether or not the primary government appoints the voting majority of the potential component unit's governing body, is able to impose its will on the potential component unit, is in relationship of financial benefit or burden with the potential component unit, or is fiscally depended upon by the potential component unit. Based on these criteria, there are no organizations considered to be component units of the Corporation. DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 (7) NOTE 1 SUMMARY OF SIGNIFICANT AC COUNTING POLICIES (CONTINUED) Basic Financial Statement Presentation The General Fund of the Destination Medical Center Corporation meets the definition of a Special-Purpose government and is involved in only one program, i.e., economic development. Accordingly, the Corporation is allowed to combine its government-wide statements with the fund statements. At December 31, 2014, and for the year then ended, there were no reconciling items between the two types of statements. The government-wide financial statements (i.e. the Statement of Net Position and the Statement of Activities) display information about the reporting government as a whole. These statements include all financial activities of the Corporation. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not properly included among program revenues are reported instead as general revenues. Measurement Focus and Basis of Accounting The accounting and financial reporting treatment applied is determined by its measurement focus and basis of accounting. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met. Government fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this basis of accounting transactions are recorded in the following manner: 1.Revenue Recognition –Revenue is recognized when it becomes measurable and available. “Measurable”means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State revenue is recognized in the year to which it applies according to Minnesota Statutes and the U.S. generally accepted accounting principles. 2.Recording of Expenditures –Expenditures are generally recorded when a liability is incurred. However, expenditures are recorded as prepaid for approved disbursements or liabilities incurred in advance of the year in which the item is to be used. DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 (8) NOTE 1 SUMMARY OF SIGNIFICANT AC COUNTING POLICIES (CONTINUED) Budgets and Budgetary Accounting The Corporation adopts an annual budget, which is adopted on a basis consistent with U.S. generally accepted accounting principles (GAAP).Reported budget amounts represent the original adopted budget as amended by the Board. For 2014, the amount budgeted for the purpose of paying the expenses of the Corporation was $8,205,000. Actual expenditures of the Corporation were $5,416,447 resulting in a favorable variance of $2,788,553. Assets, Liabilities, and Fund Balance/Net Position Cash and Cash Equivalents Cash and cash equivalents consist of deposits in a checking account and repurchase agreement account. Advances Advances consist of monies advanced to the Destination Medical Center Economic Development Agency to fund operational expenses. Due from Other Governments Due from other governments consists of program costs receivable from the City of Rochester, Minnesota. Prepaids Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepayments. Prepaid items are reported using the consumption method and recorded as an expense or expenditure at the time of consumption. Unearned Revenues Unearned revenue is prepaid insurance and unspent dollars that were advanced to the Destination Medical Center Economic Development Agency. Fund Balance In the fund financial statements, governmental funds report fund balances as nonspendable, restricted, committed, assigned or unassigned. The Corporation currently only reports unassigned fund balance. Restricted fund balances are constrained by outside parties (statute, grantors, bond agreements, etc.). Committed fund balance represents constraints on spending that the Corporation imposes upon itself by high-level formal action prior to the close of the fiscal period. The Board of Directors authorizes all assigned fund balances and their intended uses. Unassigned fund balances are considered remaining amounts. When an expenditure is incurred for which both restricted and unrestricted fund balance is available, it is the Corporation’s policy to use restricted fund balance first, then unrestricted fund balance. When an expenditure is incurred for purposes for which committed, assigned and unassigned cash fund balance is available, it is the Corporation’s policy to use committed first, then assigned and finally unassigned cash fund balance. DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 (9) NOTE 1 SUMMARY OF SIGNIFICANT AC COUNTING POLICIES (CONTINUED) Revenues and Expenditures Revenues Intergovernmental revenues are reported under the legal and contractual requirements of the individual programs. Generally, grant revenues are recognized when the corresponding expenditures are incurred. The intergovernmental revenues are entirely provided by the City of Rochester, Minnesota. Investment income is recognized when earned, since it is measurable and available. Expenditures Expenditure recognition in the General Fund includes only amounts represented by current liabilities. Non-current liabilities are not recognized as governmental fund type expenditures or fund liabilities. Net Position Net position represents the difference between assets and liabilities in the Government- wide financial statements. Net position is reported as restricted in the Government-wide financial statements when there are limitations imposed on their use through external restrictions imposed by creditors, grantors, laws, or regulations of other governments. NOTE 2 DEPOSITS AND INVESTMENTS A.Deposits In accordance with Minnesota Statutes, the Corporation maintains deposits at depository banks as authorized by the Corporation’s Board of Directors. Custodial Credit Risk –Custodial credit risk is the risk that in the event of a bank failure, the Corporation’s deposits may not be returned in full. The Corporation’s deposit policy for custodial credit risk follows Minnesota Statutes for deposits. Minnesota Statutes require that all deposits be protected by insurance, surety bond, or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by insurance or corporate surety bonds. The Corporation’s deposits in banks at December 31, 2014 were entirely covered by federal depository insurance or by surety bonds and collateral in accordance with Minnesota statutes. DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 (10) NOTE 2 DEPOSITS AND INVESTMENTS (CONTINUED) B.Investments The Corporation may also invest idle funds as authorized by Minnesota Statutes as follows: Direct obligations or obligations guaranteed by the United States or its agencies. Shares of investment companies registered under the Federal Investment Company Act of 1940 and received the highest credit rating, is rated in one of the two highest rating categories by a statistical rating agency, and all of the investments have a final maturity of thirteen months or less. General obligations rated “A” or better; revenue obligations rated “AA” or better General obligations of the Minnesota Housing Finance Agency rated “A” or better Bankers acceptances of United States banks eligible for purchase by the Federal Reserve System. Commercial paper issued by United States banks corporations or their Canadian subsidiaries, of highest quality category by a least two nationally recognized rating agencies, and maturing in 270 days or less. Guaranteed investment contracts guaranteed by United States commercial banks or domestic branches of foreign banks or United States insurance companies if similar debt obligations of the issuer or the collateral pledged by the issuer is in the top two rating categories. Repurchase or reverse purchase agreement and securities lending agreements financial institutions qualified as a “depository” by the government entity, with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. The Corporation’s investments consisted of a repurchase agreement with Wells Fargo Bank, N.A. having a balance of $2,740 at December 31, 2014. The securities sold to the Corporation include US Agency Bonds with a AAA rating. The repurchase agreement bears interest at .02% and matures overnight. As such, the repurchase agreement is presented as a cash equivalent in the financial statements. Interest Rate Risk –This is the risk that arises because potential purchasers of debt securities will not agree to pay face value for those securities if interest rates subsequently increase. The Corporation’s investment policy limits investments to a maturity of one year, or lesser period that coincides with expected disbursements by the Corporation. Operating reserves may be invested in securities with a maximum maturity of up to three years. Custodial Credit Risk –Investments –For an investment, this is that risk that, in the event of a failure by the counterparty, the Corporation will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The Corporation’s investment policy requires that investment balances be fully collateralized. As of December 31, 2014, the securities underlying the repurchase agreement are held by the counterparty in the Corporation’s name. DESTINATION MEDICAL CENTER CORPORATION ROCHESTER, MINNESOTA NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2014 (11) NOTE 2 DEPOSITS AND INVESTMENTS (CONTINUED) B.Investments (Continued) At June 30, 2014, the Corporation had the following deposits and investments: Deposits -$ Repurchase Agreement - W ells Fargo Bank, N.A.2,740 Total Cash and Investments 2,740$ NOTE 3 RISK MANAGEMENT The Corporation is exposed to various risks of loss related to torts, theft of assets, or errors and omissions. The Corporation purchases commercial insurance coverage for such risks. NOTE 4 RELATED ORGANIZATION The Destination Medical Center Economic Development Agency (DMC EDA), a related Minnesota non-profit corporation, was established by the Mayo Clinic pursuant to Minnesota Statutes Section 469.43. The Corporation does not have a voting majority of the board of directors of DMC EDA, which is considered a stand-alone entity apart from the Corporation and thus, excluded from the Corporation’s financial statements. Separate financial statements are issued for the DMC EDA. NOTE 5 CONTINGENT LIABILITIES AND COMMITMENTS The Corporation is responsible for the funding of the ongoing consulting commitments for work on the creation of the Destination Medical Center Development Plan that has been entered into by the Destination Medical Center Economic Development Agency and consultants. At year-end the Corporation’s remaining commitments with consultants is $565,654. These commitments will be funded by contributions from the City of Rochester, Minnesota. The Corporation receives financial assistance from state and local governmental agencies. The disbursement of funds received under these programs generally require compliance with the terms and conditions specified in the agreements and are subject to audit by the funding agencies, regulators and other oversight agencies. Any disallowed claims resulting from such audits could become a liability of the Corporation. Management is not aware of any disallowed claims at this time. SECTION II COMPLIANCE LETTERS (This page intentionally left blank) (12)An independent member of Nexia International INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Board of Directors Destination Medical Center Corporation Rochester, Minnesota We have audited in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States,the financial statements of the governmental activities and the general fund of the Destination Medical Center Corporation, a component unit of the City of Rochester, Minnesota,as of and for the year ended December 31, 2014, and the related notes to the financial statements, which collectively comprise the Destination Medical Center Corporation’s basic financial statements, and have issued our report thereon dated June 16, 2015. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Destination Medical Center Corporation's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Destination Medical Center Corporation’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Destination Medical Center Corporation’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Board of Directors Destination Medical Center Corporation (13) Compliance and Other Matters As part of obtaining reasonable assurance about whether the Destination Medical Center Corporation's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the result of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Austin, Minnesota June 16, 2015 (14)An independent member of Nexia International INDEPENDENT AUDITORS’ REPORT ON MINNESOTA LEGAL COMPLIANCE Board of Directors Destination Medical Center Corporation Rochester, Minnesota We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the governmental activities and the major fund of the Destination Medical Center Corporation,as of and for the year ended December 31, 2014, and the related notes to the financial statements and have issued our report thereon dated June 16, 2015. The Minnesota Legal Compliance Audit Guide for Political Subdivisions promulgated by the State Auditor pursuant to Minnesota Statutes Section 6.65 covers seven categories of compliance to be tested: contracting and bidding, deposits and investments, conflicts of interest, public indebtedness, claims and disbursements, miscellaneous provisions, and tax increment financing. In connection with our audit, nothing came to our attention that caused us to believe that the Destination Medical Center Corporation failed to comply with the provisions of the Minnesota Legal Compliance Audit Guide for Political Subdivisions promulgated by the State Auditor pursuant to Minnesota Statutes Section 6.65. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures,other matters may have come to our attention regarding the Destination Medical Center Corporation’s noncompliance with the above-referenced provisions. The purpose of this report is solely to describe the scope of our testing of compliance and the results of that testing, and not to provide an opinion on compliance. Accordingly, this communication is not suitable for any other purpose. CliftonLarsonAllen LLP Austin, Minnesota June 16, 2015 An independent member of Nexia Int ernational Board of Directors Destination Medical Center Corporation Rochester, Minnesota We have audited the financial statements of the governmental activities and the major fund of the Destination Medical Center Corporation (the Corporation)for the year ended December 31, 2014, and have issued our report thereon dated June 16, 2015. We have previously communicated to you information about our responsibilities under auditing standards generally accepted in the United States of America and Government Auditing Standards, as well as certain information related to the planned scope and timing of our audit. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Findings Qualitative Aspects of Accounting Practices Accounting Policies Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Corporation are described in Note 1 to the financial statements. We noted no transactions entered into by the Corporation during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting Estimates There were no accounting estimates affecting the financial statements which were particularly sensitive or required substantial judgments by management. Financial Statement Disclosures Certain financial statement disclosures are particularly sensitive because of their significance to financial statement users. There were no particularly sensitive financial statement disclosures. The financial statement disclosures are neutral, consistent and clear. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Uncorrected Misstatements Professional standards require us to accumulate all misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. Destination Medical Center Corporation Page 2 Corrected Misstatements None of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole. Disagreements with Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors’ report. No such disagreements arose during our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated June 16, 2015. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a “second opinion” on certain situations. If a consultation involves application of an accounting principle to the Corporation’s financial statements or a determination of the type of auditors’opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Significant Issues Discussed with Management Prior to Engagement We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to engagement as the Corporation’s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our engagement. This communication is intended solely for the use of the Board of Directors and the management of the Corporation and is not intended to be and should not be used by anyone other than these specified parties. CliftonLarsonAllen LLP Austin, Minnesota June 16, 2015 Hammes Company MONTHLY PROGRESS REPORT JUNE 2015 TABLE OF CONTENTS 1.0 Executive Summary 2.0 Master Project Budget 3.0 Budget Allocation Report 4.0 Cost Report 5.0 Contract Summary Report 6.0 Master Application for Payment 7.0 2014 Budget 8.0 Other Information TABLE OF CONTENTS Major Tasks / Next 60 Days The following provides an outline of the anticipated tasks to be completed in the next 60 days. • The DMC EDA will complete the website redesign • The DMC EDA will support the City/County on transportation planning issues and engagement of a consultant • The DMC EDA will gather and prepare resource materials to develop a packet that will be available to the various development interests • The DMC EDA will continue to work with the City to develop the Evaluation Report for DMC project funding •The DMC EDA will focus communications on elevating awareness through outreach across the state and nationally building support for the DMC JUNE 2015 Major Accomplishments / Last 30 Days The following provides an outline of the tasks completed in the last 30 days. •Collaborated with the City to develop the draft project application form and approval process with the City • The DMC EDA began implementation of the website redesign • The DMC EDA is in the final steps of hiring the DMC EDA staff positions •There were 113 media stories this month on the DMC Mo n t h l y P r o g r e s s R e p o r t Mo n t h l y P r o g r e s s R e p o r t CU M U L A T I V E D R A W T O D A T E JUNE 30, 2015 Monthly Progress Report MASTER BUDGET: $2,800,000.00 LE G A L S E R V I C E S 2.79% 6.56% JU N E 3 0 , 2 0 1 5 32.08% JUNE, 2015 This report provides a summary of the activities undertaken by the Destination Medical Center Economic Development Agency (DMC EDA) for the period stated above. 2015 WORK PLAN IMPLEMENTATION DEVELOPMENT • •The DMC EDA is building the tools and processes that are necessary to successfully transition into the implementation phase of the DMC initiative. •The DMC EDA, in coordination with the City, is tracking DMC Development District potential project activity. Updates will be presented to the DMCC Board. Reviewed and refined the DMC EDA’s Workplan for 2016, which is focused on DMCC Board-identified priorities: Heart of the City, Discovery Square and Transportation initiatives. This will be submitted with the DMC EDA's budget request. FINANCE •The DMC EDA has received its 501(c)(3) tax-exempt status and will be proceeding with related IRS tax returns. •The DMC EDA’s auditor has completed the 2014 audit. •The DMC EDA is well positioned to move forward with financial and accounting functions for 2015. •The completion and closeout of the DMC EDA Development Plan budget is ongoing, with the last of the remaining invoices being processed. The reports are included in this June Monthly Report. BUSINESS / ECONOMIC DEVELOPMENT •The DMC EDA is conducting market research of the best practices of comparable economic development agencies in the U.S. •Strategic planning is underway for business development and marketing outreach efforts; the DMC EDA contemplates a more fulsome effort to evolve the DMC brand identity and create marketing/collateral materials highlighting Heart of City and Discovery Square. • • • Work Groups are continuing to participate in meetings to coordinate and advance the DMC Mission, Vision and Objectives set forth in the Development Plan. Specifically, the DMC EDA has proposed a flow chart of the process for DMC funding for private interests, in which the DMC EDA and City will work cooperatively to meet the needs of private development interests and create a seamless process or DMC funding and City land use/permitting processes. The DMC EDA is preparing a template of its project recommendation and full evaluation report form for private development projects. The DMC EDA is working to finalize a packet of resources and materials that will be available to private development interests to explain the DMC Vision and DMC funding program. EDA OPERATIONS •The DMC EDA added a new Executive Assistant staff position. •The Finance Director and Economic Development Director will be finalized soon. •The DMC EDA made progress on establishing its operational processes and procedures. •The DMC EDA will be moving into its permanent offices in September 2015. COMMUNICATIONS AND PUBLIC RELATIONS •For June, Communications focused on supporting DMC EDA/DMCC’s transition from the planning to implementation phase, along with finalizing the regional outreach to businesses and outstate communities, and continued media strategy. •Media results - 113 media stories in the last month. •Topics included: Diversity goals, legislative activity, development, the arts, and Discovery Square. COMMUNITY ENGAGEMENT •The DMC EDA continues to connect similar mission groups to build capacity and a collective voice around key community topics. •The DMC EDA conducted a number of outreach presentations with DMC ambassadors, brown bags lunches, etc., to inform and set expectations of “what is next” for DMC. •The DMC EDA continued to partner and work with Community Connectors, leaders and community initiatives. •The DMC EDA further developed the stakeholder engagement strategy around the DMC Implementation Phase. 00.96% 39.05% * This summary represents the approximately $2.8 M portion of the budget and/or expenses that are managed and reported by the EDA. The balance of funding is DMCC and City of Rochester funding and managed outside of the EDA budget. JU N E 3 0 , 2 0 1 5 OT H E R DE V E L O P M E N T S E R V I C E S SOURCES OF FUNDS: Current Application City Contribution $2,800,000 ____________ TOTAL SOURCES $2,800,000 USES OF FUNDS: Current Application Architecture $1,300 Marketing & PR $102,020 Development Services $742,000 Legal Services $3,280 Other Development Costs $12,567 TOTAL WORK IN PLACE $861,165 BALANCE TO COMPLETE $1,938,834 COMMITTED COSTS $2,304,353 UNCOMMITTED COSTS $495,647 TOTAL USES OF FUNDS $2,800,000 AR C H I T E C H T U R E & E N G I N E E R I N G MA R K E T I N G & P R MASTER PROJECT BUDGET 30.76% DRAWN 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 ARCHITECTURE $ 135,000 $ 1,300 MARKETING & PR $ 318,000 $ 102,020 DEVELOPMENT SERVICES $ 1,900,000 $742,000 LEGAL SERVICES $ 50,000 $3,280 OTHER DEVELOPMENT COSTS $ 451,000 $ 12,567 COMMITTED COSTS ACTUAL EXPENDITURES TO DATE TOTAL EXPENDITURES TO DATE: $861,165 Hammes Company MONTHLY PROGRESS REPORT JUNE 2015 2.0 MASTER PROJECT BUDGET The following Master Project Budget is included herein as Section 2.0. 2 .0 MASTER PROJECT BUDGET Report 4001A 7/21/2015 - 7:34 AM DMC - ECONOMIC DEVELOPMENT AGENCY (2015) SOURCES AND USES REPORT #1 June 30, 2015 SOURCES OF FUNDS USES OF FUNDS 00-30-005 City Contribution 2,800,000.00$ 40-00-000 Development Costs 2,800,000.00$ 90-00-000 Project Contingency -$ TOTAL SOURCES OF FUNDS 2,800,000.00$ TOTAL USES OF FUNDS 2,800,000.00$ Report 4001B 7/21/2015 - 7:35 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY (2015) MASTER PROJECT BUDGET #1 June 30, 2015 Division Description Final Projected Cost Notes DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $135,000.00 40-25-000 Marketing & Public Relations $318,000.00 40-30-000 Development Services $1,900,000.00 40-35-000 Legal Services $50,000.00 40-90-000 Other Development Costs $397,000.00 Subtotal $2,800,000.00 PROJECT CONTINGENCY 90-00-000 Project Contingency $0.00 Subtotal $0.00 PROJECT TOTAL $2,800,000.00 Report 4001B 7/21/2015 - 7:35 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY (2015) DETAIL MASTER PROJECT BUDGET #1 June 30, 2015 Division Description Final Projected Cost - Detail Final Projected Cost Notes DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $135,000.00 40-05-300 Planning Services, Architecture, Engineering $135,000.00 40-25-000 Marketing & Public Relations $318,000.00 40-25-300 Communications, Marketing & PR $108,000.00 40-25-310 Public Relations & Communications $210,000.00 40-30-000 Development Services $1,900,000.00 40-30-300 Development Services $1,860,000.00 40-30-310 Financial, Accounting & Investment Services $40,000.00 40-35-000 Legal Services $50,000.00 40-35-300 Legal Services $50,000.00 40-90-000 Other Development Costs $397,000.00 40-90-115 Payroll, Staff, Administration & Benefits-EDA $218,000.00 40-90-120 General Expenses-EDA $79,000.00 40-90-300 Reimbursable Expenses $100,000.00 Subtotal $2,800,000.00 PROJECT CONTINGENCY 90-00-000 Project Contingency $0.00 Subtotal $0.00 PROJECT TOTAL $2,800,000.00 Hammes Company MONTHLY PROGRESS REPORT JUNE 2015 3.0 BUDGET ALLOCATION REPORT The following Budget Allocation Report is included herein as Section 3.0. Report 4004 7/21/2015 - 7:36 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY (2015) BUDGET ALLOCATION REPORT #1 Revision No Revision Date Division Division Description Revision Description Revision Amount Revision To Revision Method Requested By Entered By 0001 6/19/2015 00-30-005 City Contribution To establish original MPB $2,800,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-05-300 Planning Services, Architecture, En To establish original MPB $135,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-25-300 Communications, Marketing & PR To establish original MPB $108,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-25-310 Public Relations & Communications To establish original MPB $210,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-30-300 Development Services To establish original MPB $1,860,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-30-310 Financial, Accounting & Investment To establish original MPB $40,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-35-300 Legal Services To establish original MPB $50,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-90-115 Payroll, Staff, Administration & Ben To establish original MPB $218,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-90-120 General Expenses-EDA To establish original MPB $79,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 40-90-300 Reimbursable Expenses To establish original MPB $100,000.00 Both GMP & FPC New Amount PAS 0001 6/19/2015 90-00-000 Project Contingency To establish original MPB $0.00 Both GMP & FPC New Amount PAS BEGINNING CONTINGENCY BALANCE ENDING CONTINGENCY BALANCE $0.00 June 30, 2015 Final Projected Cost Hammes Company MONTHLY PROGRESS REPORT JUNE 2015 4.0 COST REPORT The following Cost Report is included herein as Section 4.0. Report 4002 7/21/2015 - 7:36 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY (2015) COST REPORT #1 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 $135,000.00 $13,390.47 $0.00 $13,390.47 $0.00 $121,609.53 $135,000.00 $0.00 $1,299.57 0.96% 40-25-000 Marketing & Public Relations $318,000.00 $386,516.20 $0.00 $386,516.20 $0.00 ($68,516.20)$318,000.00 $0.00 $102,019.94 32.08% 40-30-000 Development Services $1,900,000.00 $1,862,000.00 $0.00 $1,862,000.00 $0.00 $38,000.00 $1,900,000.00 $0.00 $742,000.00 39.05% 40-35-000 Legal Services $50,000.00 $3,279.50 $0.00 $3,279.50 $0.00 $46,720.50 $50,000.00 $0.00 $3,279.50 6.56% 40-90-000 Other Development Costs $397,000.00 $39,166.97 $0.00 $39,166.97 $0.00 $357,833.03 $397,000.00 $0.00 $12,566.97 3.17% Subtotal $2,800,000.00 $2,304,353.14 $0.00 $2,304,353.14 $0.00 $495,646.86 $2,800,000.00 $0.00 $861,165.98 30.76% 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 $2,800,000.00 $2,304,353.14 $0.00 $2,304,353.14 $0.00 $495,646.86 $2,800,000.00 $0.00 $861,165.98 30.76% Work in PlaceSchedule of Values June 30, 2015 Report 4002 7/20/2015 - 4:44 PM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY (2015) DETAIL COST REPORT #1 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 $135,000.00 $13,390.47 $0.00 $13,390.47 $0.00 $121,609.53 $135,000.00 $0.00 $1,299.57 0.96% 40-05-300 Planning Services, Architecture, Engineering $135,000.00 $13,390.47 $0.00 $13,390.47 $0.00 $121,609.53 $135,000.00 $0.00 $1,299.57 0.96% 40-25-000 Marketing & Public Relations $318,000.00 $386,516.20 $0.00 $386,516.20 $0.00 ($68,516.20)$318,000.00 $0.00 $102,019.94 32.08% 40-25-300 Communications, Marketing & PR $108,000.00 $273,225.00 $0.00 $273,225.00 $0.00 ($165,225.00)$108,000.00 $0.00 $91,012.50 84.27% 40-25-310 Public Relations & Communications $210,000.00 $113,291.20 $0.00 $113,291.20 $0.00 $96,708.80 $210,000.00 $0.00 $11,007.44 5.24% 40-30-000 Development Services $1,900,000.00 $1,862,000.00 $0.00 $1,862,000.00 $0.00 $38,000.00 $1,900,000.00 $0.00 $742,000.00 39.05% 40-30-300 Development Services $1,860,000.00 $1,860,000.00 $0.00 $1,860,000.00 $0.00 $0.00 $1,860,000.00 $0.00 $740,000.00 39.78% 40-30-310 Financial, Accounting & Investment Services $40,000.00 $2,000.00 $0.00 $2,000.00 $0.00 $38,000.00 $40,000.00 $0.00 $2,000.00 5.00% 40-35-000 Legal Services $50,000.00 $3,279.50 $0.00 $3,279.50 $0.00 $46,720.50 $50,000.00 $0.00 $3,279.50 6.56% 40-35-300 Legal Services $50,000.00 $3,279.50 $0.00 $3,279.50 $0.00 $46,720.50 $50,000.00 $0.00 $3,279.50 6.56% 40-90-000 Other Development Costs $397,000.00 $39,166.97 $0.00 $39,166.97 $0.00 $357,833.03 $397,000.00 $0.00 $12,566.97 3.17% 40-90-115 Payroll, Staff, Administration & Benefits-EDA $218,000.00 $0.00 $0.00 $0.00 $0.00 $218,000.00 $218,000.00 $0.00 $0.00 0.00% 40-90-120 General Expenses-EDA $79,000.00 $1,166.97 $0.00 $1,166.97 $0.00 $77,833.03 $79,000.00 $0.00 $1,166.97 1.48% 40-90-300 Reimbursable Expenses $100,000.00 $38,000.00 $0.00 $38,000.00 $0.00 $62,000.00 $100,000.00 $0.00 $11,400.00 11.40% Subtotal $2,800,000.00 $2,304,353.14 $0.00 $2,304,353.14 $0.00 $495,646.86 $2,800,000.00 $0.00 $861,165.98 30.76% 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 $2,800,000.00 $2,304,353.14 $0.00 $2,304,353.14 $0.00 $495,646.86 $2,800,000.00 $0.00 $861,165.98 30.76% Work in PlaceSchedule of Values June 30, 2015 Hammes Company MONTHLY PROGRESS REPORT JUNE 2015 5.0 CONTRACT SUMMARY REPORT The following Contract Summary Report is included herein as Section 5.0. Report 4003 7/21/2015 - 7:37 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY (2015) CONTRACT SUMMARY REPORT #1 Division Description Co n t r a c t Vendor Name Contract Number Original Contract Amount Contract Revisions Committed Costs Direct Owner Purchases Work in Place Percent Complete DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $13,390.47 $0.00 $13,390.47 $0.00 $1,299.57 9.71% 40-05-300 Planning Services, Architecture, Engineering X CARROLL, FRANCK & ASSOCIATES 4020 $13,390.47 $0.00 $13,390.47 $0.00 $1,299.57 9.71% 40-25-000 Marketing & Public Relations $386,516.20 $0.00 $386,516.20 $0.00 $102,019.94 26.39% 40-25-300 Communications, Marketing & PR X HIMLE RAPP & CO., INC.4017 $255,000.00 $0.00 $255,000.00 $0.00 $90,000.00 35.29% 40-25-300 Communications, Marketing & PR X GINA MARIA CHIRI-OSMOND 4027 $18,225.00 $0.00 $18,225.00 $0.00 $1,012.50 5.56% 40-25-310 Public Relations & Communications X BRANDHOOT 4016 $41,051.20 $0.00 $41,051.20 $0.00 $3,097.44 7.55% 40-25-310 Public Relations & Communications X SAM SMITH 4030 $72,240.00 $0.00 $72,240.00 $0.00 $7,910.00 10.95% 40-30-000 Development Services $1,862,000.00 $0.00 $1,862,000.00 $0.00 $742,000.00 39.85% 40-30-300 Development Services X HAMMES COMPANY SPORTS DEVEL.DMA $1,860,000.00 $0.00 $1,860,000.00 $0.00 $740,000.00 39.78% 40-30-310 Financial, Accounting & Investment Services X CLIFTONLARSONALLEN LLP 4041 $2,000.00 $0.00 $2,000.00 $0.00 $2,000.00 100.00% 40-35-000 Legal Services $3,279.50 $0.00 $3,279.50 $0.00 $3,279.50 100.00% 40-35-300 Legal Services X MICHAEL BEST & FRIEDRICH LLP 4021 $3,279.50 $0.00 $3,279.50 $0.00 $3,279.50 100.00% 40-90-000 Other Development Costs $39,166.97 $0.00 $39,166.97 $0.00 $12,566.97 32.09% 40-90-120 General Expenses-EDA X CWS, INC.4033 $900.00 $0.00 $900.00 $0.00 $900.00 100.00% 40-90-120 General Expenses-EDA X DELUXE BUSINESS PRODUCTS 4042 $266.97 $0.00 $266.97 $0.00 $266.97 100.00% 40-90-300 Reimbursable Expenses X HAMMES COMPANY SPORTS DEVEL.DMA $38,000.00 $0.00 $38,000.00 $0.00 $11,400.00 30.00% Subtotal $2,304,353.14 $0.00 $2,304,353.14 $0.00 $861,165.98 37.37% PROJECT CONTINGENCY 90-00-000 Project Contingency $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% PROJECT TOTAL $2,304,353.14 $0.00 $2,304,353.14 $0.00 $861,165.98 37.37% June 30, 2015 Status Hammes Company MONTHLY PROGRESS REPORT JUNE 2015 6.0 MASTER APPLICATION FOR PAYMENT The following Master Application for Payment is included herein as Section 6.0. MASTER APPLICATION FOR PAYMENT MAP for undisputed labor, services, or materials Page 1 of 1 MASTER APPLICATION FOR PAYMENT (Form 4020) From:HAMMES COMPANY Application No.:1 Please Remit To: Application Date:June 1, 2015 Hammes Project No:40050-06 To:DMC Economic Development Authority Period From:May 1, 2015 200 First Street SW Period To:May 31, 2015 Rochester, MN 55905 Project Name:DMC Attention:Executive Director Economic Development Agency (2015) PROJECT MANAGER:STATEMENT OF PROJECT: ORIGINAL MASTER PROJECT BUDGET . . . . . . . . . . . . . . . . . . $ CURRENT MASTER PROJECT BUDGET . . . . . . . . . . . . . . . . . . $ Signed By: Hammes Company Sports Development, Inc. Date:June 1, 2015 TOTAL COMPLETED & STORED TO DATE . . . . . . . . . . . . . . . . $ Name:Robert P. Dunn RETAINAGE TO DATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ TOTAL COMPLETED LESS RETAINAGE . . . . . . . . . . . . . . . . . . $ SOURCES OF FUNDS: City Contribution LESS PREVIOUS REQUESTS . . . . . . . . . . . . . . . . . . . . . . . . . . . $ CURRENT AMOUNT DUE (A + B) . . . . . . . . . . . . . . . . . . . . . . . . $ CURRENT PAYMENTS DUE (A) . . . . . . . . . . . . . . . . . . . . . . . . .$ CURRENT SOURCES OF FUNDS DIRECT OWNER PURCHASES DUE (B) . . . . . . . . . . . . . . . . . . $ USES OF FUNDS:APPROVALS: 40 - Development Costs 50 - Financing Costs 60 - Other Project Costs 90 - Project Contingency EDA:Date DMCC: Date CURRENT USES OF FUNDS -$ 861,165.98$ Current Application 861,165.98$ - 861,165.98 861,165.98 Acct Name: Acct No: Bank: Notify: 2,800,000.00 2,800,000.00 861,165.98 - 861,165.98 Submitted in accordance with the Contract Documents for approval by the EDA. - 861,165.98$ Current Application -$ -$ 861,165.98$ MAP for undisputed labor, services, or materials Page 1 of 1 DETAIL SOURCES AND USES REPORT #1 Division Description Final Projected Cost Previous Billings Current Billing Total Billed To Date Balance to Complete SOURCES OF FUNDS 00-30-005 City Contribution $2,800,000.00 $0.00 $861,165.98 $861,165.98 $1,938,834.02 Total Sources of Funds $2,800,000.00 $0.00 $861,165.98 $861,165.98 $1,938,834.02 USES OF FUNDS 40-00-000 Development Costs $2,800,000.00 $0.00 $861,165.98 $861,165.98 $1,938,834.02 90-00-000 Project Contingency $0.00 $0.00 $0.00 $0.00 $0.00 Total Uses of Funds $2,800,000.00 $0.00 $861,165.98 $861,165.98 $1,938,834.02 June 1, 2015 MAP for undisputed labor, services, or materials Page 1 of 1 DESTINATION MEDICAL CENTERECONOMIC DEVELOPMENT AUTHORITY (2015) Division Description Vendor Contract No Previous Billing Current Work In Place Direct Owner Purchase Total Work to Date Percent Complete Previous Retainage Current Retainage Total Retainage DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $0.00 $1,299.57 $0.00 $1,299.57 9.71%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering CARROLL, FRANCK & ASSOCIATES 4020 $0.00 $1,299.57 $0.00 $1,299.57 9.71%$0.00 $0.00 $0.00 40-25-000 Marketing & Public Relations $0.00 $102,019.94 $0.00 $102,019.94 26.39%$0.00 $0.00 $0.00 40-25-300 Communications, Marketing & PR HIMLE RAPP & CO., INC.4017 $0.00 $90,000.00 $0.00 $90,000.00 35.29%$0.00 $0.00 $0.00 40-25-300 Communications, Marketing & PR GINA MARIA CHIRI-OSMOND 4027 $0.00 $1,012.50 $0.00 $1,012.50 5.56%$0.00 $0.00 $0.00 40-25-310 Public Relations & Communications BRANDHOOT 4016 $0.00 $3,097.44 $0.00 $3,097.44 7.55%$0.00 $0.00 $0.00 40-25-310 Public Relations & Communications SAM SMITH 4030 $0.00 $7,910.00 $0.00 $7,910.00 10.95%$0.00 $0.00 $0.00 40-30-000 Development Services $0.00 $742,000.00 $0.00 $742,000.00 39.85%$0.00 $0.00 $0.00 40-30-300 Development Services HAMMES COMPANY SPORTS DEVEL.DMA $0.00 $740,000.00 $0.00 $740,000.00 39.78%$0.00 $0.00 $0.00 40-30-310 Financial, Accounting & Investment Services CLIFTONLARSONALLEN LLP 4041 $0.00 $2,000.00 $0.00 $2,000.00 100.00%$0.00 $0.00 $0.00 40-35-000 Legal Services $0.00 $3,279.50 $0.00 $3,279.50 100.00%$0.00 $0.00 $0.00 40-35-300 Legal Services MICHAEL BEST & FRIEDRICH LLP 4021 $0.00 $3,279.50 $0.00 $3,279.50 100.00%$0.00 $0.00 $0.00 40-90-000 Other Development Costs $0.00 $12,566.97 $0.00 $12,566.97 32.09%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA CWS, INC.4033 $0.00 $900.00 $0.00 $900.00 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA DELUXE BUSINESS PRODUCTS 4042 $0.00 $266.97 $0.00 $266.97 100.00%$0.00 $0.00 $0.00 40-90-300 Reimbursable Expenses HAMMES COMPANY SPORTS DEVEL.DMA $0.00 $11,400.00 $0.00 $11,400.00 30.00%$0.00 $0.00 $0.00 Subtotal $0.00 $861,165.98 $0.00 $861,165.98 37.37%$0.00 $0.00 $0.00 PROJECT CONTINGENCY 90-00-000 Project Contingency $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 PROJECT TOTAL $0.00 $861,165.98 $0.00 $861,165.98 $0.00 $0.00 $0.00 Current Work In Place Direct Owner Purchase Total Current Work Current Work In Place $861,165.98 $0.00 $861,165.98 Less Current Retainage Held $0.00 $0.00 $0.00 Net Amount Due $861,165.98 $0.00 $861,165.98 Retainage June 1, 2015 Work Completed To Date MASTER APPLICATION FOR PAYMENT DETAIL #1 MAP for undisputed labor, services, or materials Page 1 of 1 DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AUTHORITY (2015) INVOICE SUMMARY REPORT #1 Vendor Name Description Invoice No Invoice Date Invoice Amount Retainage Held Amount Due Approval BRANDHOOT Public Relations and Communications 1313 5/30/2015 $3,097.44 $0.00 $3,097.44 CARROLL, FRANCK & ASSOCIATES Advisory Services #2325 5/14/2015 $1,299.57 $0.00 $1,299.57 CLIFTONLARSONALLEN LLP Audit Services 1061554 5/29/2015 $2,000.00 $0.00 $2,000.00 CWS, INC.Hosting Services CW-77553 3/19/2015 $225.00 $0.00 $225.00 CWS, INC.Hosting Services CW-77656 4/3/2015 $225.00 $0.00 $225.00 CWS, INC.Hosting Services CW-77812 4/24/2015 $225.00 $0.00 $225.00 CWS, INC.Hosting Services CW-78169 6/19/2015 $225.00 $0.00 $225.00 DELUXE BUSINESS PRODUCTS Office Supplies 04212015 4/21/2015 $266.97 $0.00 $266.97 GINA MARIA CHIRI-OSMOND Communications & PR 103 2/28/2015 $825.00 $0.00 $825.00 GINA MARIA CHIRI-OSMOND Communications & PR 104 3/17/2015 $187.50 $0.00 $187.50 HAMMES COMPANY SPORTS DEVEL.Development Manager Agreement 5005-013 4/1/2015 $303,800.00 $0.00 $303,800.00 HAMMES COMPANY SPORTS DEVEL.Development Manager Agreement 5005-014 5/1/2015 $223,800.00 $0.00 $223,800.00 HAMMES COMPANY SPORTS DEVEL.Development Manager Agreement 5005-015 6/1/2015 $223,800.00 $0.00 $223,800.00 HIMLE RAPP & CO., INC.Consulting Services-Strategy 0315 6/19/2015 $30,000.00 $0.00 $30,000.00 HIMLE RAPP & CO., INC.Consulting Services-Strategy 0415 6/19/2015 $30,000.00 $0.00 $30,000.00 HIMLE RAPP & CO., INC.Consulting Services-Strategy 0515 6/19/2015 $30,000.00 $0.00 $30,000.00 MICHAEL BEST & FRIEDRICH LLP Legal Services 1346858 5/19/2015 $3,192.50 $0.00 $3,192.50 MICHAEL BEST & FRIEDRICH LLP Legal Services 1346859 5/19/2015 $87.00 $0.00 $87.00 SAM SMITH Social Media March 2015 3/31/2015 $2,380.00 $0.00 $2,380.00 SAM SMITH Social Media April 2015 4/30/2015 $2,870.00 $0.00 $2,870.00 SAM SMITH Social Media May 2015 5/31/2015 $2,660.00 $0.00 $2,660.00 GRAND TOTAL $861,165.98 $0.00 $861,165.98 June 1, 2015 Hammes Company MONTHLY PROGRESS REPORT JUNE 2015 7 .0 2014 BUDGET The following are the Master Application for Payment #14 reports for the 2014 Budget. Report 4001A 7/21/2015 - 7:38 AM DMC - ECONOMIC DEVELOPMENT AGENCY SOURCES AND USES REPORT #14 June 30, 2015 SOURCES OF FUNDS USES OF FUNDS 00-30-005 City Contribution 7,319,000.00$ 40-00-000 Development Costs 7,319,000.00$ 90-00-000 Project Contingency -$ TOTAL SOURCES OF FUNDS 7,319,000.00$ TOTAL USES OF FUNDS 7,319,000.00$ Report 4001B 7/21/2015 - 7:39 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY MASTER PROJECT BUDGET #14 June 30, 2015 Division Description Final Projected Cost Notes DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $2,405,845.14 40-25-000 Marketing & Public Relations $790,000.00 40-30-000 Development Services $2,350,000.00 40-35-000 Legal Services $451,849.65 40-55-000 Misc Professional Services $376,310.80 40-90-000 Other Development Costs $944,994.41 Subtotal $7,319,000.00 PROJECT CONTINGENCY 90-00-000 Project Contingency $0.00 Subtotal $0.00 PROJECT TOTAL $7,319,000.00 Report 4001B 7/21/2015 - 7:39 AM Page 1 of 2 DMC - ECONOMIC DEVELOPMENT AGENCY DETAIL MASTER PROJECT BUDGET #14 June 30, 2015 Division Description Final Projected Cost - Detail Final Projected Cost Notes DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $2,405,845.14 40-05-300 Planning Services, Architecture, Engineering $2,405,845.14 40-25-000 Marketing & Public Relations $790,000.00 40-25-300 Communications, Marketing & PR $545,000.00 40-25-310 Public Relations & Communications $245,000.00 40-30-000 Development Services $2,350,000.00 40-30-300 Development Services $1,675,000.00 40-30-310 Financial, Accounting & Investment Services $675,000.00 40-35-000 Legal Services $451,849.65 40-35-300 Legal Services $451,849.65 40-55-000 Misc Professional Services $376,310.80 40-55-300 Economic Analysis, Market Research, Reports $359,106.35 40-55-310 Other Professional Services & Project Costs $17,204.45 40-90-000 Other Development Costs $944,994.41 40-90-115 Payroll, Staff, Administration & Benefits-EDA $460,000.00 40-90-120 General Expenses-EDA $355,150.35 40-90-300 Reimbursable Expenses $129,844.06 Subtotal $7,319,000.00 PROJECT CONTINGENCY 90-00-000 Project Contingency $0.00 Subtotal $0.00 Report 4001B 7/21/2015 - 7:39 AM Page 2 of 2 DMC - ECONOMIC DEVELOPMENT AGENCY DETAIL MASTER PROJECT BUDGET #14 June 30, 2015 Division Description Final Projected Cost - Detail Final Projected Cost Notes PROJECT TOTAL $7,319,000.00 Report 4004 7/21/2015 - 7:40 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY BUDGET ALLOCATION REPORT #14 Revision No Revision Date Division Division Description Revision Description Revision Amount Revision To Revision Method Requested By Entered By BEGINNING CONTINGENCY BALANCE $0.00 ENDING CONTINGENCY BALANCE $0.00 June 30, 2015 Final Projected Cost Report 4002 7/21/2015 - 7:42 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY COST REPORT #14 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 $1,545,921.60 $94,900.87 $1,640,822.47 $0.00 $765,022.67 $2,405,845.14 ($25,154.86)$1,625,727.69 67.57% 40-25-000 Marketing & Public Relations $790,000.00 $247,563.05 $160,036.72 $407,599.77 $0.00 $382,400.23 $790,000.00 $0.00 $407,428.03 51.57% 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 $2,300,000.00 97.87% 40-35-000 Legal Services $425,000.00 $126,208.01 $325,641.64 $451,849.65 $0.00 $0.00 $451,849.65 $26,849.65 $451,849.65 100.00% 40-55-000 Misc Professional Services $451,000.00 $298,473.00 $57,783.35 $356,256.35 $0.00 $20,054.45 $376,310.80 ($74,689.20)$352,060.29 93.56% 40-90-000 Other Development Costs $872,000.00 $182,504.02 $162,034.61 $344,538.63 $0.00 $600,455.78 $944,994.41 $72,994.41 $344,538.63 36.46% Subtotal $7,319,000.00 $4,700,669.68 $800,397.19 $5,501,066.87 $0.00 $1,817,933.13 $7,319,000.00 $0.00 $5,481,604.29 74.90% 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 $4,700,669.68 $800,397.19 $5,501,066.87 $0.00 $1,817,933.13 $7,319,000.00 $0.00 $5,481,604.29 74.90% Work in PlaceSchedule of Values June 30, 2015 Report 4002 7/21/2015 - 7:41 AM Page 1 of 1 DMC - ECONOMIC DEVELOPMENT AGENCY DETAIL COST REPORT #14 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 $1,545,921.60 $94,900.87 $1,640,822.47 $0.00 $765,022.67 $2,405,845.14 ($25,154.86)$1,625,727.69 67.57% 40-05-300 Planning Services, Architecture, Engineering $2,431,000.00 $1,545,921.60 $94,900.87 $1,640,822.47 $0.00 $765,022.67 $2,405,845.14 ($25,154.86)$1,625,727.69 67.57% 40-25-000 Marketing & Public Relations $790,000.00 $247,563.05 $160,036.72 $407,599.77 $0.00 $382,400.23 $790,000.00 $0.00 $407,428.03 51.57% 40-25-300 Communications, Marketing & PR $545,000.00 $183,137.76 $135,326.90 $318,464.66 $0.00 $226,535.34 $545,000.00 $0.00 $318,463.16 58.43% 40-25-310 Public Relations & Communications $245,000.00 $64,425.29 $24,709.82 $89,135.11 $0.00 $155,864.89 $245,000.00 $0.00 $88,964.87 36.31% 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 $2,300,000.00 97.87% 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 $1,675,000.00 100.00% 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 $625,000.00 92.59% 40-35-000 Legal Services $425,000.00 $126,208.01 $325,641.64 $451,849.65 $0.00 $0.00 $451,849.65 $26,849.65 $451,849.65 100.00% 40-35-300 Legal Services $425,000.00 $126,208.01 $325,641.64 $451,849.65 $0.00 $0.00 $451,849.65 $26,849.65 $451,849.65 100.00% 40-55-000 Misc Professional Services $451,000.00 $298,473.00 $57,783.35 $356,256.35 $0.00 $20,054.45 $376,310.80 ($74,689.20)$352,060.29 93.56% 40-55-300 Economic Analysis, Market Research, Reports $351,000.00 $298,473.00 $57,783.35 $356,256.35 $0.00 $2,850.00 $359,106.35 $8,106.35 $352,060.29 98.04% 40-55-310 Other Professional Services & Project Costs $100,000.00 $0.00 $0.00 $0.00 $0.00 $17,204.45 $17,204.45 ($82,795.55)$0.00 0.00% 40-90-000 Other Development Costs $872,000.00 $182,504.02 $162,034.61 $344,538.63 $0.00 $600,455.78 $944,994.41 $72,994.41 $344,538.63 36.46% 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 $182,504.02 $32,190.55 $214,694.57 $0.00 $140,455.78 $355,150.35 ($26,849.65)$214,694.57 60.45% 40-90-300 Reimbursable Expenses $30,000.00 $0.00 $129,844.06 $129,844.06 $0.00 $0.00 $129,844.06 $99,844.06 $129,844.06 100.00% Subtotal $7,319,000.00 $4,700,669.68 $800,397.19 $5,501,066.87 $0.00 $1,817,933.13 $7,319,000.00 $0.00 $5,481,604.29 74.90% 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 $4,700,669.68 $800,397.19 $5,501,066.87 $0.00 $1,817,933.13 $7,319,000.00 $0.00 $5,481,604.29 74.90% Work in PlaceSchedule of Values June 30, 2015 Report 4003 7/21/2015 - 7:42 AM Page 1 of 2 DMC - ECONOMIC DEVELOPMENT AGENCY CONTRACT SUMMARY REPORT #14 Division Description Co n t r a c t Vendor Name Contract Number Original Contract Amount Contract Revisions Committed Costs Direct Owner Purchases Work in Place Percent Complete DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $1,545,921.60 $94,900.87 $1,640,822.47 $0.00 $1,625,727.69 99.08% 40-05-300 Planning Services, Architecture, Engineering X KIMLEY-HORN AND ASSOC., INC.4003 $412,500.00 $0.00 $412,500.00 $0.00 $399,414.70 96.83% 40-05-300 Planning Services, Architecture, Engineering X NELSON/NYGAARD CONSULTING 4004 $412,941.00 $27,374.39 $440,315.39 $0.00 $440,276.13 99.99% 40-05-300 Planning Services, Architecture, Engineering X PERKINS EASTMAN ARCHITECTS, PC 4005 $686,000.00 $47,900.00 $733,900.00 $0.00 $731,929.78 99.73% 40-05-300 Planning Services, Architecture, Engineering X ALPHAGRAPHICS 4006 $794.42 $14,411.02 $15,205.44 $0.00 $15,205.44 100.00% 40-05-300 Planning Services, Architecture, Engineering X MAYO CLINIC 4012 $2,026.53 $18,605.93 $20,632.46 $0.00 $20,632.46 100.00% 40-05-300 Planning Services, Architecture, Engineering X CARROLL, FRANCK & ASSOCIATES 4020 $28,000.00 ($13,390.47)$14,609.53 $0.00 $14,609.53 100.00% 40-05-300 Planning Services, Architecture, Engineering X GARY SMITH 4028 $1,259.10 $0.00 $1,259.10 $0.00 $1,259.10 100.00% 40-05-300 Planning Services, Architecture, Engineering X JERRY BELL 4029 $1,844.65 $0.00 $1,844.65 $0.00 $1,844.65 100.00% 40-05-300 Planning Services, Architecture, Engineering X INDIANA HISTORY CENTER 4031 $555.90 $0.00 $555.90 $0.00 $555.90 100.00% 40-25-000 Marketing & Public Relations $247,563.05 $160,036.72 $407,599.77 $0.00 $407,428.03 99.96% 40-25-300 Communications, Marketing & PR X HIMLE RAPP & CO., INC.4001 $28,918.38 $3,830.44 $32,748.82 $0.00 $32,748.82 100.00% 40-25-300 Communications, Marketing & PR X MAYO CLINIC 4012 $4,275.00 $9,261.57 $13,536.57 $0.00 $13,536.57 100.00% 40-25-300 Communications, Marketing & PR X HIMLE RAPP & CO., INC.4017 $143,044.38 $124,859.89 $267,904.27 $0.00 $267,902.77 100.00% 40-25-300 Communications, Marketing & PR X GINA MARIA CHIRI-OSMOND 4027 $6,900.00 ($2,625.00)$4,275.00 $0.00 $4,275.00 100.00% 40-25-310 Public Relations & Communications X MAYO CLINIC 4012 $19,725.29 $11,329.00 $31,054.29 $0.00 $31,054.29 100.00% 40-25-310 Public Relations & Communications X BRANDHOOT 4016 $27,540.00 $12,338.80 $39,878.80 $0.00 $39,708.56 99.57% 40-25-310 Public Relations & Communications X KNOWBLE MEDIA, LLC 4025 $4,000.00 $1,042.02 $5,042.02 $0.00 $5,042.02 100.00% 40-25-310 Public Relations & Communications X SAM SMITH 4030 $13,160.00 $0.00 $13,160.00 $0.00 $13,160.00 100.00% 40-30-000 Development Services $2,300,000.00 $0.00 $2,300,000.00 $0.00 $2,300,000.00 100.00% 40-30-300 Development Services X HAMMES COMPANY SPORTS DEVEL.DMA $1,675,000.00 $0.00 $1,675,000.00 $0.00 $1,675,000.00 100.00% 40-30-310 Financial, Accounting & Investment Services X HAMMES COMPANY SPORTS DEVEL.DMA $625,000.00 $0.00 $625,000.00 $0.00 $625,000.00 100.00% 40-35-000 Legal Services $126,208.01 $325,641.64 $451,849.65 $0.00 $451,849.65 100.00% 40-35-300 Legal Services X FOLEY & LARDNER LLP 4000 $39,208.01 $0.00 $39,208.01 $0.00 $39,208.01 100.00% 40-35-300 Legal Services X DORSEY & WHITNEY LLP 4015 $75,000.00 $288,011.64 $363,011.64 $0.00 $363,011.64 100.00% 40-35-300 Legal Services X MICHAEL BEST & FRIEDRICH LLP 4021 $12,000.00 $37,630.00 $49,630.00 $0.00 $49,630.00 100.00% 40-55-000 Misc Professional Services $298,473.00 $57,783.35 $356,256.35 $0.00 $352,060.29 98.82% 40-55-300 Economic Analysis, Market Research, Reports X AECOM TECHNICAL SERVICES, INC.4002 $298,473.00 $57,783.35 $356,256.35 $0.00 $352,060.29 98.82% 40-90-000 Other Development Costs $182,504.02 $162,034.61 $344,538.63 $0.00 $344,538.63 100.00% 40-90-120 General Expenses-EDA X CANADIAN HONKER REST & CATER 4007 $364.20 $483.27 $847.47 $0.00 $847.47 100.00% 40-90-120 General Expenses-EDA X CATERING BY DESIGN 4008 $457.94 $0.00 $457.94 $0.00 $457.94 100.00% 40-90-120 General Expenses-EDA X AON RISK SERVICES CENTRAL, INC 4010 $67,466.17 $0.00 $67,466.17 $0.00 $67,466.17 100.00% June 30, 2015 Status Report 4003 7/21/2015 - 7:42 AM Page 2 of 2 DMC - ECONOMIC DEVELOPMENT AGENCY CONTRACT SUMMARY REPORT #14 Division Description Co n t r a c t Vendor Name Contract Number Original Contract Amount Contract Revisions Committed Costs Direct Owner Purchases Work in Place Percent Complete June 30, 2015 Status 40-90-120 General Expenses-EDA X MAYO CLINIC 4012 $4,801.01 $5,672.65 $10,473.66 $0.00 $10,473.66 100.00% 40-90-120 General Expenses-EDA X MAYO CIVIC CENTER 4013 $4,929.24 $34,695.39 $39,624.63 $0.00 $39,624.63 100.00% 40-90-120 General Expenses-EDA X ROCHESTER TROLLEY & TOUR CO 4014 $550.00 $400.00 $950.00 $0.00 $950.00 100.00% 40-90-120 General Expenses-EDA X CITY MARKET DOWNTOWN 4018 $420.44 $1,157.21 $1,577.65 $0.00 $1,577.65 100.00% 40-90-120 General Expenses-EDA X TIM PRIEST 4019 $566.84 $0.00 $566.84 $0.00 $566.84 100.00% 40-90-120 General Expenses-EDA X DAVID HIGGINS 4022 $95.20 $0.00 $95.20 $0.00 $95.20 100.00% 40-90-120 General Expenses-EDA X PATRICK SEEB 4023 $766.20 $0.00 $766.20 $0.00 $766.20 100.00% 40-90-120 General Expenses-EDA X HARLEYSVILLE WORCESTER INS. CO 4024 $1,762.43 $0.00 $1,762.43 $0.00 $1,762.43 100.00% 40-90-120 General Expenses-EDA X MINNEAPOLIS CLUB 4026 $1,670.27 ($217.97)$1,452.30 $0.00 $1,452.30 100.00% 40-90-120 General Expenses-EDA X SRI ZAHEER 4032 $8.00 $0.00 $8.00 $0.00 $8.00 100.00% 40-90-120 General Expenses-EDA X CWS, INC.4033 $1,725.00 $0.00 $1,725.00 $0.00 $1,725.00 100.00% 40-90-120 General Expenses-EDA X MINNESOTA DEPT OF REVENUE 4034 $1,764.00 $0.00 $1,764.00 $0.00 $1,764.00 100.00% 40-90-120 General Expenses-EDA X US TREASURY 4035 $2,700.00 $0.00 $2,700.00 $0.00 $2,700.00 100.00% 40-90-120 General Expenses-EDA X DAVIES PRINTING COMPANY 4036 $8,464.00 $0.00 $8,464.00 $0.00 $8,464.00 100.00% 40-90-120 General Expenses-EDA X FAEGRE BAKER DANIELS 4037 $30,004.05 $0.00 $30,004.05 $0.00 $30,004.05 100.00% 40-90-120 General Expenses-EDA X WINTHROP & WEINSTINE, P.A.4038 $20,074.91 $0.00 $20,074.91 $0.00 $20,074.91 100.00% 40-90-120 General Expenses-EDA X MCGRANN SHEA CARNIVAL STRAUGHN & LA 4039 $22,884.12 $0.00 $22,884.12 $0.00 $22,884.12 100.00% 40-90-120 General Expenses-EDA X LUND TAX & ACCOUNTING 4040 $1,030.00 $0.00 $1,030.00 $0.00 $1,030.00 100.00% 40-90-300 Reimbursable Expenses X HAMMES COMPANY SPORTS DEVEL.DMA $0.00 $129,844.06 $129,844.06 $0.00 $129,844.06 100.00% Subtotal $4,700,669.68 $800,397.19 $5,501,066.87 $0.00 $5,481,604.29 99.65% PROJECT CONTINGENCY 90-00-000 Project Contingency $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% PROJECT TOTAL $4,700,669.68 $800,397.19 $5,501,066.87 $0.00 $5,481,604.29 99.65% MASTER APPLICATION FOR PAYMENT MAP for undisputed labor, services, or materials Page 1 of 1 MASTER APPLICATION FOR PAYMENT (Form 4020) From:HAMMES COMPANY Application No.:14 Please Remit To: Application Date:June 1, 2015 Hammes Project No:40050-05 To:DMC Economic Development Authority Period From:May 1, 2015 200 First Street SW Period To:May 31, 2015 Rochester, MN 55905 Project Name:DMC Attention:Executive Director Economic Development Agency PROJECT MANAGER:STATEMENT OF PROJECT: ORIGINAL MASTER PROJECT BUDGET . . . . . . . . . . . . . . . $ CURRENT MASTER PROJECT BUDGET . . . . . . . . . . . . . . . $ Signed By: Hammes Company Sports Development, Inc. Date:June 1, 2015 TOTAL COMPLETED & STORED TO DATE . . . . . . . . . . . . . $ Name:Robert P. Dunn RETAINAGE TO DATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ TOTAL COMPLETED LESS RETAINAGE . . . . . . . . . . . . . . . $ SOURCES OF FUNDS: City Contribution LESS PREVIOUS REQUESTS . . . . . . . . . . . . . . . . . . . . . . . $ CURRENT AMOUNT DUE (A + B) . . . . . . . . . . . . . . . . . . . . . $ CURRENT PAYMENTS DUE (A) . . . . . . . . . . . . . . . . . . . . . . $ CURRENT SOURCES OF FUNDS DIRECT OWNER PURCHASES DUE (B) . . . . . . . . . . . . . . . . $ USES OF FUNDS:APPROVALS: 40 - Development Costs 50 - Financing Costs 60 - Other Project Costs 90 - Project Contingency EDA:Date DMCC: Date CURRENT USES OF FUNDS 10,548.91$ Current Application -$ -$ 10,548.91$ Acct Name: Acct No: Bank: Notify: 7,319,000.00 7,319,000.00 5,481,604.29 - 5,481,604.29 Submitted in accordance with the Contract Documents for approval by the EDA. 5,471,055.38 Current Application 10,548.91$ - 10,548.91 10,548.91 -$ 10,548.91$ MAP for undisputed labor, services, or materials Page 1 of 1 DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AGENCY DETAIL SOURCES AND USES REPORT #14 Division Description Final Projected Cost Previous Billings Current Billing Total Billed To Date Balance to Complete SOURCES OF FUNDS 00-30-005 City Contribution $7,319,000.00 $5,471,055.38 $10,548.91 $5,481,604.29 $1,837,395.71 Total Sources of Funds $7,319,000.00 $5,471,055.38 $10,548.91 $5,481,604.29 $1,837,395.71 USES OF FUNDS 40-00-000 Development Costs $7,319,000.00 $5,471,055.38 $10,548.91 $5,481,604.29 $1,837,395.71 90-00-000 Project Contingency $0.00 $0.00 $0.00 $0.00 $0.00 Total Uses of Funds $7,319,000.00 $5,471,055.38 $10,548.91 $5,481,604.29 $1,837,395.71 June 1, 2015 MAP for undisputed labor, services, or materials Page 1 of 2 DESTINATION MEDICAL CENTERECONOMIC DEVELOPMENT AUTHORITY Division Description Vendor Contract No Previous Billing Current Work In Place Direct Owner Purchase Total Work to Date Percent Complete Previous Retainage Current Retainage Total Retainage DEVELOPMENT COSTS 40-05-000 Architecture & Engineering $1,615,178.78 $10,548.91 $0.00 $1,625,727.69 99.08%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering KIMLEY-HORN AND ASSOC., INC.4003 $399,414.70 $0.00 $0.00 $399,414.70 96.83%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering NELSON/NYGAARD CONSULTING 4004 $436,583.13 $3,693.00 $0.00 $440,276.13 99.99%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering PERKINS EASTMAN ARCHITECTS, PC 4005 $725,073.87 $6,855.91 $0.00 $731,929.78 99.73%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering ALPHAGRAPHICS 4006 $15,205.44 $0.00 $0.00 $15,205.44 100.00%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering MAYO CLINIC 4012 $20,632.46 $0.00 $0.00 $20,632.46 100.00%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering CARROLL, FRANCK & ASSOCIATES 4020 $14,609.53 $0.00 $0.00 $14,609.53 100.00%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering GARY SMITH 4028 $1,259.10 $0.00 $0.00 $1,259.10 100.00%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering JERRY BELL 4029 $1,844.65 $0.00 $0.00 $1,844.65 100.00%$0.00 $0.00 $0.00 40-05-300 Planning Services, Architecture, Engineering INDIANA HISTORY CENTER 4031 $555.90 $0.00 $0.00 $555.90 100.00%$0.00 $0.00 $0.00 40-25-000 Marketing & Public Relations $407,428.03 $0.00 $0.00 $407,428.03 99.96%$0.00 $0.00 $0.00 40-25-300 Communications, Marketing & PR HIMLE RAPP & CO., INC.4001 $32,748.82 $0.00 $0.00 $32,748.82 100.00%$0.00 $0.00 $0.00 40-25-300 Communications, Marketing & PR MAYO CLINIC 4012 $13,536.57 $0.00 $0.00 $13,536.57 100.00%$0.00 $0.00 $0.00 40-25-300 Communications, Marketing & PR HIMLE RAPP & CO., INC.4017 $267,902.77 $0.00 $0.00 $267,902.77 100.00%$0.00 $0.00 $0.00 40-25-300 Communications, Marketing & PR GINA MARIA CHIRI-OSMOND 4027 $4,275.00 $0.00 $0.00 $4,275.00 100.00%$0.00 $0.00 $0.00 40-25-310 Public Relations & Communications MAYO CLINIC 4012 $31,054.29 $0.00 $0.00 $31,054.29 100.00%$0.00 $0.00 $0.00 40-25-310 Public Relations & Communications BRANDHOOT 4016 $39,708.56 $0.00 $0.00 $39,708.56 99.57%$0.00 $0.00 $0.00 40-25-310 Public Relations & Communications KNOWBLE MEDIA, LLC 4025 $5,042.02 $0.00 $0.00 $5,042.02 100.00%$0.00 $0.00 $0.00 40-25-310 Public Relations & Communications SAM SMITH 4030 $13,160.00 $0.00 $0.00 $13,160.00 100.00%$0.00 $0.00 $0.00 40-30-000 Development Services $2,300,000.00 $0.00 $0.00 $2,300,000.00 100.00%$0.00 $0.00 $0.00 40-30-300 Development Services HAMMES COMPANY SPORTS DEVEL.DMA $1,675,000.00 $0.00 $0.00 $1,675,000.00 100.00%$0.00 $0.00 $0.00 40-30-310 Financial, Accounting & Investment Services HAMMES COMPANY SPORTS DEVEL.DMA $625,000.00 $0.00 $0.00 $625,000.00 100.00%$0.00 $0.00 $0.00 40-35-000 Legal Services $451,849.65 $0.00 $0.00 $451,849.65 100.00%$0.00 $0.00 $0.00 40-35-300 Legal Services FOLEY & LARDNER LLP 4000 $39,208.01 $0.00 $0.00 $39,208.01 100.00%$0.00 $0.00 $0.00 40-35-300 Legal Services DORSEY & WHITNEY LLP 4015 $363,011.64 $0.00 $0.00 $363,011.64 100.00%$0.00 $0.00 $0.00 40-35-300 Legal Services MICHAEL BEST & FRIEDRICH LLP 4021 $49,630.00 $0.00 $0.00 $49,630.00 100.00%$0.00 $0.00 $0.00 40-55-000 Misc Professional Services $352,060.29 $0.00 $0.00 $352,060.29 98.82%$0.00 $0.00 $0.00 40-55-300 Economic Analysis, Market Research, Reports AECOM TECHNICAL SERVICES, INC.4002 $352,060.29 $0.00 $0.00 $352,060.29 98.82%$0.00 $0.00 $0.00 40-90-000 Other Development Costs $344,538.63 $0.00 $0.00 $344,538.63 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA CANADIAN HONKER REST & CATER 4007 $847.47 $0.00 $0.00 $847.47 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA CATERING BY DESIGN 4008 $457.94 $0.00 $0.00 $457.94 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA AON RISK SERVICES CENTRAL, INC 4010 $67,466.17 $0.00 $0.00 $67,466.17 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA MAYO CLINIC 4012 $10,473.66 $0.00 $0.00 $10,473.66 100.00%$0.00 $0.00 $0.00 Retainage June 1, 2015 Work Completed To Date MASTER APPLICATION FOR PAYMENT DETAIL #14 MAP for undisputed labor, services, or materials Page 2 of 2 DESTINATION MEDICAL CENTERECONOMIC DEVELOPMENT AUTHORITY Division Description Vendor Contract No Previous Billing Current Work In Place Direct Owner Purchase Total Work to Date Percent Complete Previous Retainage Current Retainage Total Retainage Retainage June 1, 2015 Work Completed To Date MASTER APPLICATION FOR PAYMENT DETAIL #14 40-90-120 General Expenses-EDA MAYO CIVIC CENTER 4013 $39,624.63 $0.00 $0.00 $39,624.63 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA ROCHESTER TROLLEY & TOUR CO 4014 $950.00 $0.00 $0.00 $950.00 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA CITY MARKET DOWNTOWN 4018 $1,577.65 $0.00 $0.00 $1,577.65 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA TIM PRIEST 4019 $566.84 $0.00 $0.00 $566.84 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA DAVID HIGGINS 4022 $95.20 $0.00 $0.00 $95.20 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA PATRICK SEEB 4023 $766.20 $0.00 $0.00 $766.20 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA HARLEYSVILLE WORCESTER INS. CO 4024 $1,762.43 $0.00 $0.00 $1,762.43 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA MINNEAPOLIS CLUB 4026 $1,452.30 $0.00 $0.00 $1,452.30 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA SRI ZAHEER 4032 $8.00 $0.00 $0.00 $8.00 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA CWS, INC.4033 $1,725.00 $0.00 $0.00 $1,725.00 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA MINNESOTA DEPT OF REVENUE 4034 $1,764.00 $0.00 $0.00 $1,764.00 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA US TREASURY 4035 $2,700.00 $0.00 $0.00 $2,700.00 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA DAVIES PRINTING COMPANY 4036 $8,464.00 $0.00 $0.00 $8,464.00 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA FAEGRE BAKER DANIELS 4037 $30,004.05 $0.00 $0.00 $30,004.05 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA WINTHROP & WEINSTINE, P.A.4038 $20,074.91 $0.00 $0.00 $20,074.91 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA MCGRANN SHEA CARNIVAL STRAUGHN & LA 4039 $22,884.12 $0.00 $0.00 $22,884.12 100.00%$0.00 $0.00 $0.00 40-90-120 General Expenses-EDA LUND TAX & ACCOUNTING 4040 $1,030.00 $0.00 $0.00 $1,030.00 100.00%$0.00 $0.00 $0.00 40-90-300 Reimbursable Expenses HAMMES COMPANY SPORTS DEVEL.DMA $129,844.06 $0.00 $0.00 $129,844.06 100.00%$0.00 $0.00 $0.00 Subtotal $5,471,055.38 $10,548.91 $0.00 $5,481,604.29 99.65%$0.00 $0.00 $0.00 PROJECT CONTINGENCY 90-00-000 Project Contingency $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 PROJECT TOTAL $5,471,055.38 $10,548.91 $0.00 $5,481,604.29 $0.00 $0.00 $0.00 Current Work In Place Direct Owner Purchase Total Current Work Current Work In Place $10,548.91 $0.00 $10,548.91 Less Current Retainage Held $0.00 $0.00 $0.00 Net Amount Due $10,548.91 $0.00 $10,548.91 MAP for undisputed labor, services, or materials Page 1 of 1 DESTINATION MEDICAL CENTER ECONOMIC DEVELOPMENT AUTHORITY INVOICE SUMMARY REPORT #14 Vendor Name Description Invoice No Invoice Date Invoice Amount Retainage Held Amount Due Approval NELSON/NYGAARD CONSULTING Transportation Planner 63031-R 4/21/2015 $3,693.00 $0.00 $3,693.00 PERKINS EASTMAN ARCHITECTS, PC Master Planner 57320.00.0-12 5/15/2015 $3,110.20 $0.00 $3,110.20 PERKINS EASTMAN ARCHITECTS, PC Master Planner 57320.00.0-13R 6/11/2015 $3,745.71 $0.00 $3,745.71 GRAND TOTAL $10,548.91 $0.00 $10,548.91 June 1, 2015 Hammes Company MONTHLY PROGRESS REPORT JUNE 2015 8.0 OTHER INFORMATION