HomeMy WebLinkAbout3/10/2022 DMCC Executive Committee Meeting - Presentation2021 Private Investment
Report to DEED
March 10, 2022
Background
•Each year the DMC Corporation and Mayo Clinic are
required to submit to the Minnesota Department of
Employment and Economic Development (DEED) a report
of all qualifying investments (construction costs) in the
preceding year
•DEED Certifies the investments, which releases state aid
•State aid supports public infrastructure projects in the
DMC District, enhancing the community experience
FUNDING FORMULA:
Certified Private Investment x 2.75% = State
funding for public infrastructure in the DMC district in
Rochester, MN
Submitted to and Certified by DEED
Mayo Clinic
Capital
Investment
(Rochester, MN)
Non-Mayo
Private
Investment
(DMC District)
Total Private
Investment
DMC ANNUAL STATE AID FORMULA
DMC ANNUAL STATE AID FORMULA
STATE INFRASTRUCTURE AID: $29.2M
$44.7M$110.6M $155.3M
Project Examples:
•Kellen Building Construction
•Plummer Library Renovation
•St. Marys Campus Modernization
2021 Mayo Clinic Investment: $110.6M
2021 Non-Mayo Private Investments: $44.7M
Bryk Apartments Two Discovery
Square
Main Street Retail
Hyatt House
CUMULATIVE INVESTMENT
ANNUAL STATE AID
•8% increase in private investment over 2020
•$29.2 Million in State Infrastructure Aid
•Supports DMC-and City-directed public
infrastructure in DMC District
•Results in numerous community benefits
2021 DEED Submissions Highlights
New jobs and businesses
Accessible public spaces
Generational improvements to
streets and sewers
Community Benefit
Increased mobility options
Housing growth
Downtown vibrancy
Community Benefit