The Destination Medical Center (DMC) project is on pace to reach a crucial investment goal within months that would unleash hundreds of millions of dollars in public taxpayer support, the organization said Thursday.
A pot of public money awarded to the project by the Legislature in 2013 can't be tapped until private investments from the Mayo Clinic and others reach $200 million.
Now, thanks to robust investments totaling $87.6 million last year, that goal is within sight, said Mitchell Abeln, director of finance for the Destination Medical Center Economic Development Agency.
"We're in a good spot," he said.
The total private investment is now $152.4 million for the massive DMC project, which promises to remake Rochester into a global hub of health care, medical research and innovation while establishing the city as a destination in its own right.
Public funds totaling $585 million will pay for public infrastructure, while the Mayo Clinic estimates that it will invest $3.5 billion over the 20-year life span of the project, with an additional $2.1 billion in private investments.
It will be another year before the taxpayer money will start flowing: The DMC investments are certified once a year by the Minnesota Department of Employment and Economic Development, so even if the $200 million investment goal is reached this summer, it won't be recognized until next year.
Taxpayer funds will be available under a formula devised by the Legislature to spur further investment.
