Destination Medical Center in Rochester reports $154M so far in private investments

Rochester, Minn.-based Mayo Clinic's Destination Medical Center project is on track to reach its $200 million private investment goal, a threshold it must meet before tapping into hundreds of millions of dollars in public taxpayer money, according to the Star Tribune.

Mayo Clinic was awarded $585 million in public funding by the Minnesota Legislature in 2013. After receiving $87.6 million in private investments last year, the clinic's goal to reach $200 million is within sight, said to Mitchell Abeln, director of finance for the Destination Medical Center Economic Development Agency, according to the report. So far, it has a total of $152.4 million in private investments.

The massive DestinationMedicalCenter project aims to reshape Rochester as a robust destination center for patients and families from across the U.S. and the world.

The public funding will support public infrastructure, while the Mayo Clinic estimates it will invest $3.5 billion over the 20-year span of the project's development, with an additional $2.1 billion in private investments, according to the report.

The DestinationMedicalCenter investments are certified once a year by the Minnesota Department of Employment and Academic Development, so even if the project reaches its $200 million investment goal this summer, it won't have access to the taxpayer money until next year.

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