Project highlights

  • Updated: January 30, 2013 - 8:57 PM

PROJECT HIGHLIGHTS

The Mayo Clinic aims to expand its medical campus into a global destination for patients, and is asking for state support to help bring more economic development and amenities to downtown Rochester and surrounding areas.

As part of a plan, Mayo will contribute $3.5 billion to medical facilities over the next two decades. It believes other private businesses and developers will invest another $2 billion.

Taxpayer dollars would be spent on infrastructure, such as public parking, environmental cleanup, skyways and bridges, and street improvement.

A bipartisan bill laying out public financing needs is forthcoming, officials said Wednesday.

THE MEASURE WILL SEEK:

• $585 million in public financing over 20 years.

• Creation of a tax-increment financing district in downtown Rochester.

• Financing based on additional tax revenue generated by expansion and construction of Mayo Clinic medical facilities and other downtown development projects.

• A complex financing formula that would "value capture" dollars as they are earned, from such sources as personal income taxes, business property taxes and sales taxes.

• Formation of a public body to oversee the investment and development of public infrastructure.

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