Destination Medical Center Corporation (DMCC) Board Approves First Projects
30 Apr, 2015, 01:44 ET
ROCHESTER, Minn., April 30, 2015 /PRNewswire/ -- A week after having reviewed and voted its final approval of the Destination Medical Center 20-year Development Plan, the Destination Medical Center Corporation (DMCC) Board of Directors today approved $20 million in proposed projects as qualifying for City of Rochester public expenditures toward the city's $128 million local contribution to the DMC initiative.
The DMCC board approved the City of Rochester's request for the Chateau Theatre and the Broadway at Center projects to qualify for DMC funding credit for public investment. The city recently announced that it would purchase the historic Chateau Theatre for $6 million, of which $5.5 million would be credited as public investment. The Titan Ventures' Broadway at Center project is estimated to generate $140 million in private investment. The 23-story, mixed-use development project, includes a hotel, apartments, restaurants and retail space. The DMCC Board approved $14.435 million as public investment for the construction of a five-story public parking ramp, a skyway, and land acquisition and utilities.
"The Broadway at Center project will redefine Rochester's skyline and the Chateau Theatre renovation will ensure one of Rochester's most iconic and beloved landmarks will serve future generations," said Lt. Governor Tina Smith, DMCC Board Chair. "I look forward to continuing to work with the Rochester, Olmsted County, and the Mayo Clinic to build on downtown Rochester's strengths and transform Rochester into the world's premiere global destination for health and wellness."
The DMCC board expressed its appreciation to Mayo Clinic for making a significant additional financial commitment to the DMC initiative by pledging $1.5 million to fund the feasibility study for Discovery Square. Mayo also committed $585,000 for ongoing support of some EDA staffing costs, the DMC EDA office space and various operational services. This is in addition to the $8.3 million that Mayo has already invested in DMC.
The board also welcomed Lisa Clarke as the DMC Economic Development Agency's first executive director, which was announced at the meeting by the DMC EDA Board Chair Jeff Bolton.
"On behalf of the entire DMCC board, I extend our congratulations to Lisa Clarke and our thanks to the Mayo Clinic for their continued contribution," continued Lt. Governor Smith.
In other business, the DMCC Board approved the revised 2015 EDA budget and workplan, the selection of CliftonAllenLarson LLP as its auditing firm with a three-year agreement, and approved a conflict of interest policy.
SOURCE Destination Medical Center Corporation
Share this article