Rochester, MN  (KROC-AM News) - The DMC Corporation Board Thursday approved the first two projects for the initiative - the city’s planned purchase of the Chateau Theater building and the Broadway at Center complex proposed by developer Gus Chafoulias.

A development agreement between Chafoulias and the city is expected to be acted on by the City Council on Monday. If approved, work could begin within a matter of weeks.  It has a two year construction schedule.

Another significant piece of news emerged during Thursday’s meeting.  Mayo Clinic intends to conduct a comprehensive analysis and feasibility study of the DMC’s Discovery Square district which is proposed to include office, laboratory and commercial biobusiness space. It is expected to become one of the largest producers of new jobs.

Mayo will pay for the $1.5  million study and is expected to share the findings with the DMC Board. The board had earlier indicated it wants to focus on the Heart of the City District and transportation in the early years of the DMC development plan.

It was also announced that Mayo’s Lisa Clark will be the executive director of the DMC’s Economic Development Agency. She has been a key figure in the formation of the DMC and was picked over other national candidates because of her community involvement and familiarity. Four other staff members are expected to be hired before the end of the year.

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