The nonprofit behind Destination Medical Center — a $5.6 billion public-private project backed by Mayo Clinic — has added two executives to its board.
Destination Medical Center is the 20-year initiative, started in 2013, aiming to make Mayo Clinic's home base of Rochester, Minn., a global destination for health and wellness through $5.6 billion in economic development. Mayo Clinic is investing $3.5 billion in the project over 20 years, along with $2.1 billion in additional private investments and $585 million in state funding over the same timeframe.
Destination Medical Center Economic Development Agency, the private nonprofit established to provide expertise in the development of DMC, announced two additions to its board Dec. 14. Dennis Dahlen, CFO of Mayo Clinic, and Roberta (Bobbie) Dressen, president and CEO of Medical Alley Association in Golden Valley, Minn., will begin their three-year terms Jan. 1, 2023.
Mr. Dahlen and Ms. Dressen replace board members Harry Hoffman, former treasurer and co-chief investment officer of Mayo Clinic, and Jerry Bell, and former president of Minnesota Twins Baseball Club, who will step down at the end of 2022.
"The DMC Initiative sets forth a plan to transform the epicenter of Rochester from what is perceived to be largely a medical campus, into a vibrant urban center and one of America's model cities," the project's executive summary states. DMC aims to create approximately up to 45,000 new jobs and generate approximately $7.5 billion to $8.0 billion in new net tax revenue over 35 years.