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Last modified: February 12, 2024
Highlights
Feb 1, 2024 DMCC Board Meeting
Private investment metrics Slide
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PB Reporting
Contents
Private Investment Metrics Slides
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Private Investment Video Clip Loop
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BY RANDY PETERSEN Post Bulletin
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ROCHESTER — A preliminary report shows private investment in Destination Medical Center has continued to drop ahead of Mayo Clinic’s plans for a $5 billion expansion. “We have noticed a slowdown in non-Mayo private investment, so we started monitoring that a few years ago,” said Michael Flynn, the DMC Economic Development Agency’s senior director of economic development. While the annual report on private investment isn’t due to the Minnesota Department of Employment and Economic Development until April 1, Flynn recently told the state DMC Corp. board that the 2023 reported private investment outside of Mayo Clinic projects appears to be “just under $13 million.” “We haven’t published that yet, but that’s what we think it’s going to end up,” he said. It’s down from nearly $26.5 million reported in 2022, and a high of approximately $135 million in 2018. While declining since 2019, the cumulative investment thus far by Mayo Clinic and other developers since 2013 remains on the low end of a range projected at the start of the initiative, with a combined $1.46 billion. “The pandemic was also in that timeline, which was not anticipated at the beginning of the modeling for DMC,” Rochester Mayor Kim Norton pointed out during the recent discussion.
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