Posted at: 02/07/2013 12:03 PM
(St. Paul, MN) – Senator David Senjem and Senator Carla Nelson have introduced legislation asking lawmakers to approve a $585 million public-financing plan to cover the public infrastructure costs associated with the clinic’s ambitious growth plans.
The Mayo Clinic announced plans to invest $3.5 billion over 20 years in Rochester and surrounding communities to build what it describes as a “Destination Medical Center.” Mayo also estimates that the expansion could attract at least $2.1 billion in additional private investment.
The goal of Mayo Clinic creating a Destination Medical Center (DMC) is to ensure Minnesota and Mayo Clinic continue to grow in the coming decades. Market forces in health care are driving a number of select medical institutions around the world to emerge as global Destinations Medical Centers. Mayo Clinic intends to be one of these select DMC’s and prefer to develop in Minnesota and not expand elsewhere.
“This is an incredibly valuable asset for the state of Minnesota, and we are going to work collectively to make sure this asset not only stays here but grows here, Senator Dave Senjem said. “We have the opportunity with this piece of legislation to do that.”
“The Destination Medical Center initiative will create 25,000-30,000 new jobs and generate approximately $3 billion in new tax revenue,” said Assistant Senate Minority Leader Carla Nelson. “This is the most significant economic growth opportunity our state has ever seen and I will work hard to ensure its passage.”