Board Accepts DMC Development Plan
Rochester, MN (KROC-AM News) - The DMC development plan has been accepted and adopted and now the work can begin on putting it in place, something that may take as long as 20 years at a cost of several billion dollars.
The DMC Corporation Board held a public hearing Thursday afternoon and then approved it, about a month after the Rochester City Council accepted the comprehensive plan that will serve as a blueprint for future development in the downtown and other areas. Lt. Governor Tina Smith chairs the board and said “ We’re going to do it. It’s up to all of us to come together to make sure we make this happen. “
The DMC Corporation Board won’t have much of a break before its next meeting. It is scheduled for next Thursday and it is also expected to be a significant meeting.
The board is expected to be asked to designate two projects as part of the DMC plan - the Broadway at Center proposal by local developer Gus Chafoulias and the city’s purchase of the Chateau Theater building. The $130 million Chafoulias project is planned to be built at the corner of Broadway and East Center Street. It also includes a planned $10 million parking ramp that will be mostly owned by the city.
It’s expected the board will be asked to designate the ramp as part of the city’s required DMC public contribution. The DMC law provides state funding for the initiative once certain public and private financial thresholds are reached.