DMC Board Approves Funding For Housing & Historic Preservation

Rochester, MN (KROC-AM News) - The Destination Medical Corporation Board of Directors is directing nearly $13 million in DMC funding to projects focusing on housing and historic preservation.

The board met earlier today and voted to appropriate nearly $8 million to a couple of large housing projects. $3 million is being directed to a mixed income development planned by Sherman Associates on the current city surface parking lot across the Zumbro River from Mayo Field. A news release says the use of DMC funding will ensure that the Sherman Associates project becomes connected to the new Geo-Thermal District Energy System being developed by the City of Rochester.

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The DMC board also voted to provide $3.9 million for the development of an affordable senior housing project as part of the West Transit Village planned for the LINK bus rapid transit system. Aeon, the non-profit behind the proposal, is also pursuing other funding sources, including tax credits from the Minnesota Housing Finance Agency to help fund that project.

Together, the DMC says the two projects will add more than 400 residences to the downtown area, “The totality of these projects will help address the housing shortage in Rochester,” said DMCC Board Secretary Paul Williams. “It’s encouraging to see a mix of market-rate, affordable, and senior housing in these developments.”

Today's meeting also included a vote to approve using $5 million in DMC funds to support the new Downtown Historic District. The news release indicates the funding will be available to support eligible capital improvements in the 28 contributing properties within the district. To be eligible, the projects must fit four categories for investment. They are: adaptive reuse, building system upgrades, building safety and preservation, and code modernization, which could include compliance with ADA or other regulations.

The funding plans are all contingent on the approval of the Rochester City Council.

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