- DMC public funding obligations
The Destination Medical Center legislation calls for $585 million of public investment in public infrastructure or developments that improve downtown Rochester, making it a more desirable destination. These projects can include roads, transit, utilities, acquiring and/or preparing development sites and other aid that supports Mayo Clinic's $3.5 billion expansion and an expected $2 billion in other private development.
State DMC funding will come only after $200 million in private investment has been made. Here is how the public funding breaks down.
$327 million for non-transit/transportation infrastructure.
$83 million (estimated) for transit/transportation infrastructure.
$14 million in sales tax exemptions for publicly owned buildings and infrastructure.
Total: $424 million
$128 million for non-transit/transportation infrastructure.
$33 million (estimated) for transit/transportation infrastructure.
SOURCE: City of Rochester
Posted: Monday, October 21, 2013 11:40 am
Updated: 10:21 am, Tue Oct 22, 2013.
Extending the life of Rochester's local-option half-cent sales tax could be one of the ways in which the city will satisfy it's $128 million funding obligation to Destination Medical Center.
City officials are discussing it as an option, among other financing tools, Rochester City Council President Randy Staver said last week.
Monday, October 21, 2013 11:40 am.
Updated: 10:21 am.