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.

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

Advertisement
Golden Gavel by Star Tribune

Time left for great deals

Bid thru Sept. 29

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

 
Close