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DMC $200M Goal Reached and state money to start flowing

July 19, 2017 Public Report On Destination Medical Center (DMC) Plan


Contents

July 20, 2017 Status Per PB

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According to the report filed with DEED, $297.7 million had been invested in local construction efforts during a four-year period starting in 2013.

Last year saw $145.3 million in private investment, with the largest share — $107.2 million attributed to Mayo Clinic spending. The nearly $38.1 million in additional private investment ranged from $12.5 million spent on the 501 on First Apartments to $200 used to alter a rental unit on Fifth Avenue Northwest.

Under DMC legislation, the city receives $2.75 for each $100 spent beyond the initial $200 million in private investment.

The funding will be the first of 20 annual state checks expected to help fund public infrastructure, which could include transportation efforts and public space redesigns.

Approval of the 2016 report means the city will see at least $2.68 million each year for two decades. Additional funding will occur each year with new reports of private investment.

Last year's report included partial investments in at least three projects that have since opened. In addition to the 501 on First project, it included nearly $5 million spent on First Avenue Flats, 400 First Avenue NW, and $6.3 million for Lofts at Mayo Park, 123 Sixth Avenue SE.

It also included $2 million spent on the Conley-Maass building at 14 Fourth St. SW, and $8.9 million on Flats on Fourth, 412 Third Ave. SE, which is still under construction.

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March 2017 Status

DMC Private Investment

 

 

$200 million goal reached

Per DMC Website 2017-03-21

Initiatives with the magnitude and impact of Destination Medical Center sometimes require board-level decisions to be made between official board of directors’ meetings. In instances like these, an executive committee is often charged with fulfilling limited board responsibilities to help maintain an organization’s momentum relative to time-sensitive issues and ensure projects continue to move forward as scheduled.

In January 2017, the Destination Medical Center Corporation (DMCC) Board of Directors approved a Resolution establishing an executive committee to do just that. As outlined by the Resolution, the committee may act only during intervals between board of directors’ meetings and is subject to the authority and direction of the full board.

The executive committee is governed by the same laws as regular board meetings and is limited on which decisions it can enact. For example, the executive committee cannot change the development plan, issue bonds, submit the annual report to the legislature, approve project funding requests, or amend the board articles of incorporation or bylaws. These functions, as well as those that include investment of public infrastructure funds, are the prerogative of the full board of directors, as outlined by DMC law.

Implementation of an executive committee allows the DMC Corporation to respond promptly to market activity while also providing the transparency expected of a private-public partnership. In a private-market-driven initiative, DMC must move as swiftly as community members, developers, investors, and other stakeholders would expect in order for DMC to succeed.

To better illustrate this need, let’s refer to the Alatus project. In December, the full DMCC Board of Directors approved the Alatus request under the condition that Alatus provide “proof of financing satisfactory to the board” for the public infrastructure funds to be available. This Thursday, the executive committee will hold its first meeting during which members will discuss the Alatus project’s financing plans on behalf of the board to keep the project moving forward.

Thursday’s meeting agenda will also include discussion of the annual Minnesota Department of Employment and Economic Development (DEED) filing concerning private investment within the DMC districts and the financial threshold of private investment that must be crossed before state DMC dollars will be released for public infrastructure improvements. The financial threshold of private investment is a time sensitive topic and will, therefore, be addressed at the executive committee meeting rather than delayed until a regular DMCC Board meeting takes place.

Public notice about DMCC executive committee meetings will be communicated in the same manner as other public meetings, including the City of Rochester website and the DMC website. Opportunity for public comment at executive committee meetings will be determined based on the agenda and noted as such. This week’s agenda will not allow for public comment.

The DMCC Executive Committee meeting will be held on Thursday, March 23, 2017, from 9-10 a.m. at the Mayo Civic Center in Meeting Room 101.

For more information about the meeting, including links to the meeting agenda, board packet, and live streaming of the board meeting, click here.


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July 19, 2017 Public Report On Destination Medical Center (DMC) Plan

 


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Admin Info

DMC Impact(s): Livable City Hotel & Hospitality Retail, Dining & Entertainment, Arts & Culture Commercial Research & Technology Health & Wellness Learning Environment Sports, Recreation, Nature

PlanScape(s): Arts & Culture ; Economic Development ; Sustainability ; Transportation ; Vision/Identity

Community Health Impact(s):

Date: 2017/07/19

Last Modification Date: 2016-10-10T21:14:49-05:00

Last Modified by: allnode

Source: DMCC

Type: Status

Sort Order: 2

State: Public

Location: Read more ...

Related Project Related Status:

Related Project ID:

Files

Table of Content: Yes
Facebook Comment: Yes

 

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Site Information
Beam
  • For the commercial sector, we tend to register startup activities (new companies and new commercial projects) that bring diversification and high-impact opportunities to the area.
  • For the non-profit sector, we wish to shine light on all the organizations and services that otherwise labor under relative obscurity.
  • Our hope is that Cbeam will encourage cross-sector collaborations and creative solutions.

While there are a number of registries in the community, Cbeam's distinct value is to pilot a database with a data structure and categorizations that answer the questions such as: What organizations or projects/programs in our community that have purported relevancies with some of the over-arching focuses put forward by initiatives such as DMC, J2G and Health Improvements.

This database could be used as one of the ways to explore the capacities of the community. If you are someone on an exploratory journey to learn about the greater Rochester community. Cbeam could be an interesting first step.

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The following defines the various project phases:
  1. Available - a product, program or service is in production
  2. Develop - program or application is being developed
  3. Plan - idea is solid, stakeholders are identified, and there is strong commitment to go forward from all parties.
  4. Concept Phase - idea scoped out with enough details to give an early sizing and/or to build a proof of concept
    demonstration
  5. Pre-concept Phase - an early idea or a requirement.
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