HomeMy WebLinkAbout3/23/2023 DMCC Executive Committee Meeting - Presentation (DEED Report)2022 Private
Investment Report
March 2023
To Minnesota Department of
Employment and Economic
Development (DEED)
TODAY
Overview 1
Mayo Clinic Investments 2
Non-Mayo Private Investments3
Authorization of Report to DEED4
DEED Annual Report
By April 1 of each year, the DMC Corporation
and Mayo Clinic are required to submit to 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, which allows for additional
investment to enhance the community
experience.
Why do we submit an annual report to DEED?
DMC ANNUAL STATE AID FORMULA
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
State funding provides many community benefits:
Mayo Clinic
Capital
Investment
(Rochester, MN)
Non-Mayo
Private
Investment
(DMC District)
Total
Private
Investment
Mayo Clinic
2022 Investments
Highlights
✓$172.6M invested in Rochester in 2022
✓Largest annual investment
✓$934.1M invested since the approval of
DMC legislation
✓Variety of investments across Mayo Clinic’s
campus
MAYO CLINIC Investments
St. Marys
Patient Care
Kellen Building
Science and Research
East Logistics Building
Infrastructure
MAYO CLINIC Investments
Discovery Ramp
Infrastructure
MAYO CLINIC Future Investments
Proton Beam Expansion
Patient Care
•279 permits in 2022
•Approx. $446M in direct economic impact for
the Rochester area economy
•Rochester Area Builders (RAB) performed
87% of that work
•When the work performed by Mayo Clinic staff
is removed from the total, RAB members
completed 99% of the construction work
Mayo Clinic 2022
Investments
Impact on Construction Jobs
Non-Mayo Private
2022 Investments
Highlights
✓Investments in reuse
✓Investments in new
✓Investments across sectors
NON-MAYO PRIVATE Investments
Interiors by J.Curry
Reuse
Uptown Landings Apts.
Reuse
NON-MAYO PRIVATE Investments
Bryk Apartments
New Spyhouse Coffee Roasters
New
NON-MAYO PRIVATE Investments
Thermo Fisher Scientific
Across Sectors
Mezza9 Café + Desserts
Across Sectors
ANNUAL INVESTMENT
CUMULATIVE INVESTMENT
•Cumulative overall investment of nearly 1.5 billion
•Mayo Clinic’s largest-ever annual investment in the DMC
economic development partnership
•Met formula requirements to receive maximum annual
state aid
•2022 total investment above the 8-year average
•Investment is trending upward after the world pandemic
•Monitoring non-Mayo private investment
2022 Report to
DEED Summary
Rochester continues to head in the right direction
Discussion +
Authorization
of Report to
DEED