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July 29, 2017 Public Report On Mortenson Phase 1


The DMC Corp. board approved the project Thursday, agreeing to $4.9 million in related tax-increment financing for the developer, Minneapolis-based Mortenson Co.

Per PB

A $35 million project in the Discovery Square sub-district took a step toward becoming the fourth project to receive public Destination Medical Center support.

The DMC Corp. board approved the project Thursday, agreeing to $4.9 million in related tax-increment financing for the developer, Minneapolis-based Mortenson Co.

The Mortenson project at the corner of Fourth Street Southwest and Second Avenue Southwest follows approval of the the Alatus, Titan-Opus, and Titan Hilton projects, which are also receiving TIF, a public financing method that captures future new tax revenue and returns a portion to the developer in exchange for public benefit.

In the case of the Mortenson project, annual property taxes paid on the property — Mayo Clinic's employee parking Lot No. 2 — will increase from $68,000 to $485,000 a year, according to Patrick Seeb, the director of economic development and placemaking for the DMC Economic Development Agency.

Mayo Clinic will maintain ownership of the property, with Mortenson securing a long-term lease for the land while owning the building. The clinic will be an anchor tenant in the building.

 

 


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July 29, 2017 Public Report On Mortenson Phase 1

 


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Admin Info

DMC Impact(s): Commercial Research & Technology Discovery Square

PlanScape(s): STEM

Community Health Impact(s):

Date: 2017/07/29

Last Modification Date: 2016-10-10T21:14:49-05:00

Last Modified by: allnode

Source: PB

Type: Status

Sort Order: 2

State: Public

Location: Read more ...

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Beam
  • For the commercial sector, we tend to register startup activities (new companies and new commercial projects) that bring diversification and high-impact opportunities to the area.
  • For the non-profit sector, we wish to shine light on all the organizations and services that otherwise labor under relative obscurity.
  • Our hope is that Cbeam will encourage cross-sector collaborations and creative solutions.

While there are a number of registries in the community, Cbeam's distinct value is to pilot a database with a data structure and categorizations that answer the questions such as: What organizations or projects/programs in our community that have purported relevancies with some of the over-arching focuses put forward by initiatives such as DMC, J2G and Health Improvements.

This database could be used as one of the ways to explore the capacities of the community. If you are someone on an exploratory journey to learn about the greater Rochester community. Cbeam could be an interesting first step.

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The following defines the various project phases:
  1. Available - a product, program or service is in production
  2. Develop - program or application is being developed
  3. Plan - idea is solid, stakeholders are identified, and there is strong commitment to go forward from all parties.
  4. Concept Phase - idea scoped out with enough details to give an early sizing and/or to build a proof of concept
    demonstration
  5. Pre-concept Phase - an early idea or a requirement.
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