Noseworthy: Mayo Clinic on schedule to meet DMC development targets
Mayo Clinic is pleased with the progress it has made thus far under DMC.
In an interview with the trade magazine PRWeek, Mayo CEO John Noseworthy said the Rochester-based nonprofit is "on schedule to meet development targets" for DMC. He referenced the recent selection of M.A. Mortenson Company to develop the Discovery Square sub-district as a step in the right direction.
"I have no doubt it will be successful," he said. "The interest in the business community is massive. The public has a right to weigh in and we expect that."
Asked what issues DMC's 20-year agenda might cause from a public relations standpoint, Noseworthy pointed to the common misconception that Mayo is receiving state aid to fund private projects.
".... You’re forever combating public misunderstanding, such as 'Mayo’s getting money from the state.' But we’re not getting a penny - the money goes to the city and county to support infrastructure around growth."
Mayo has agreed to invest $3.5 billion of its own money toward DMC over the next two decades. Plans call for an additional $2.1 billion of private investment to be leveraged in that time. Taxpayers will spend $585 million — including $424 million from the State of Minnesota — for public infrastructure needs, such as streetscape improvements, new skyways and environmental remediation.
Unlike most economic development projects, public funding for DMC will be distributed in increments over the course of the initiative. That means for funding to kick in, the project must show proof of private investment.
The initiative is on track to pass the first threshold, $200 million of private investments, by the end of the year. (The Star Tribune in August released an interactive chart of where the private dollars are being spent.)
DMC is the largest public-private partnership in Minnesota history.
(Cover: Discovery Square / DMC Development Plan)