Mayo Clinic to Invest more than $3 Billion
05 Feb, 2013
The Mayo Clinic’s Rochester, Minn., campus; the Landow Atrium in the Gonda Building.
Last week Rochester, Minn.-based Mayo Clinic announced Destination Medical Center (DMC), an economic development initiative to secure Minnesota’s status as a global medical destination in the coming decades. The initiative is the result of a three-year study by the clinic to chart its future business strategy.
The Mayo Clinic is a nonprofit worldwide leader in medical care, research and education.
The major elements of the initiative fall into three categories:
- Facilities and services expansion
- Private business expansion
- Public infrastructure
The DMC public and private investment is estimated to include approximately $3.5 billion in new Mayo-financed capital investments on its Rochester campus over the next 20 years, combined with an estimated $2.1 billion in additional leveraged private investment.
In addition to the Mayo-financed and non-Mayo private investments, it is anticipated that a total of $585 million in public infrastructure costs will be required to support the DMC expansion over the 20-year investment timeline, bringing the total DMC investment in Minnesota to more than $5 billion.
The DMC financing plan will be submitted to the 2013 Minnesota Legislature for consideration.
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Illustration from www.mayoclinic.org
Compiled from Mayo Clinic press reports.