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Rochester Economic Development Fund

Beam Project Type: Planning     Project in Available Phase

The fund, financed with $5 million of local-option sales-tax dollars, has doled out more than $2.5 million in loans, investments and grants to 15 early stage companies and business incubators. It is managed by Rochester Area Economic Development Inc. with oversight by the Rochester City Council. Any investment of $75,000 or more much be approved by the city council.

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Impacts

PlanScape

Level 1: Economic Development ; Workforce Development

Level 2:

DMC:

Community Health:

Results

The goal of the fund was to create a "sticky factor" to keep start-up companies here.

"It's hard to deny that we've put a dent in that," Smith said. "I think it (the fund) has exceeded our expectations."

In 2017, the fund provided $240,000 for four companies: Vyriad, $125,000; Craniovation, $50,000; Smart LabHood Solutions, $15,000 and SparkDJ, $50,000.

Metrics (What are actually being measured by the project?)

Companies, combined to-date, have created 80 jobs. Fund companies currently occupy almost 48,000 square-feet of space in Rochester, and 56% of these companies are women or minority-owned with 67% having product sales.

“The EDF funding came at a critical moment for Spark DJ. It allowed us to finish the development of our product, launch, and generate revenue. EDF was key for us to solidify our presence in Rochester, and we encourage local entrepreneurs to consider exploring this funding source,” said James Jones Jr., co-founder and CEO of Spark DJ.

Collaboration

Lead Organization: Rochester-Area Economic Development Inc (RAEDI)

Confirmed Collaborators: GoRoute ; Rochester-Area Economic Development Inc (RAEDI)

Potential Collaborators:

Status Reports Related PlanScape Status on: Economic Development, Workforce Development

August 08, 2018: Riverfront project gets first nod per Post Bulletin Report

"Early plans for a $180 million construction project along the Zumbro River received some enthusiastic support from Rochester's Planning and Zoning Commission Wednesday night." 

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June 29, 2018: Triton Hilton Hotel (Broadway at Center)

June status same as March Status except completion date is now set for 1/31/2019.

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May 27, 2018: Three DMC Proposals

Three projects looking for TIF: Hotel Indigo, Hyatt House Hotel and Wells Fargo Bank Building Renovation

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May 17, 2018: Southeast Minnesota Workforce Development Board Strategic Planning Meeting

openBeam's information on structure and Southeast Minnesota Workforce Development Board Strategic Planning Meeting
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May 08, 2018: CNG Steering Committee working on 2018 Compass Points

 CNG Steering Committee is working on the next version of Rochester/Olmsted County Compass report.

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February 22, 2018: Cradle to Career 2018 Launch Feb 22, 2018 Meeting

At the February 22 meeting, the following information was shared. 

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January 12, 2018: Winona State Rochester: Business, Leadership, and Education

Winona State University – Rochester (WSU-R) and the Rochester Area Chamber of Commerce is hosting a Business, Leadership, and Education Open House Jan. 18, 2018

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December 12, 2017: November 2017 DMC Dashboard

YE 2017 DMC Metrics per Nov. 2, 2017 DMCC Board Meeting.

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November 27, 2017: World's Best Workforce Plan goals not met

Slow progress. 5 Goals not met:  All children are ready for kindergarten, Third-grade literacy, Close all academic achievement gaps, Have all high school graduates career and college ready, Graduate all students from HS

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November 06, 2017: Groundbreaking Building 1 Discovery Square

The building will be the first of several science and research complexes that could total up to 2 million square feet in the 16-block Discovery Square area.

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November 04, 2017: DMCC approves $22M in capitral improvement projects for 2018

While the DMC EDA budget will rise from $3.5 million this year to more than $3.7 million next year, the city will contribute $122,000 less and Mayo Clinic's contribution will increase by $337,000.

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Last modified by allnode on 2018/06/27
Created by allnode on 2018/02/09

Site Information
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 dmcbeam.org will encourage cross-sector collaborations and creative solutions.

While there are a number of registries in the community, dmcbeam.org'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 relevance 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. dmcbeam.org could be an interesting first step.

Definitions
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.
Links
Links to Beam and beam sub-sites: