- January 30, 2013 - 8:57 PM
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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