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.
More articles on finance:
CBO: Subsidies, taxes and penalties to cost government $660B in 2016
Former Presence CEO: Illinois’ budget woes, malpractice climate contributed to system’s $186M operating loss
NCRC and KeyBank announce landmark $16.5 billion community benefits agreement
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
