Mayo Clinic Expansion Set To Receive $585M In Public Funds
ROCHESTER, Minn. (AP) – Millions of dollars in state aid for the Mayo Clinic’s expansion is expected to begin arriving in Rochester this fall.
The Star Tribune reports the Legislature pledged about $585 million in tax money for the Destination Medical Center project in 2013, but the funds were on hold until enough private investment was made. Nearly $300 million in private investment has now been raised.
The center’s Economic Development Authority executive director Lisa Clarke says the momentum the center is building based on this business model has never been stronger. She says there are currently 14 projects with a total value of more than $700 million under development or in the planning phases.
Clarke says the center is also receiving interest from developers and real estate investors around the world.