After raising nearly $300M in private funds, Mayo Clinic to begin receiving public money for destination medical center

Rochester, Minn.-based Mayo Clinic's plan to expand its campus and enhance its standing as a world-class destination medical center is gaining momentum.

The state legislature pledged public dollars to support the DMC project in 2013 with the stipulation that the clinic had to first raise its own money. With $297.7 million in private investment, Mayo Clinic will begin receiving public funds this fall, according to the Star Tribune. Of the total private funds raised, about $145.3 million were made last year alone, with much of it from Mayo Clinic.

"The momentum we're building, based on this business model, has never been stronger," DMC Economic Development Authority Executive Director Lisa Clarke said in a prepared statement, according to the report. "We currently have 14 projects with a total value of more than $700 million under development or in the planning phases, and we're receiving strong interest from real estate investors and developers from around the globe."

Investments should continue to rise over the next year in the wake of major projects in the downtown Rochester area, such as a $100 million Hilton hotel and residential tower; a 13-story, $115 million apartment complex; and a $38 million, 156-unit apartment complex.

The DMC project is meant to spur growth over the next 20 years. The $3.5 billion endeavor combines about $585 million in taxpayer money with private investments. It includes expansions to its campus and investments in its medical infrastructure, according to the report. Private investors are expected to contribute another $2.1 billion in residential, retail and commercial investments.

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