DMCC Board approves $8,000,000 budget

The Destination Medical Center Corporation Board adopted its first budget

today.  Most of the $8.2 million budget will be spent on startup costs and work on the Development Plan that will guide the DMC process in future years.  Rochester will be responsible for this and all future DMCC budgets. Those are expected to be lower than the one adopted today.  The board also discussed the proposed project by Titan Development along Broadway across from Michael’s restaurant.  It calls for a hotel and residentials units along with commercial space.  It also calls for a new parking ramp that would be paid for by the city.  The city is expected to ask that the parking ramp cost be included in its DMC contribution requirement.  The DMCC Board can’t vote on the project until the Development Plan is in place, which is expected to be late this year or early next year.  But it did approve a resolution that indicates the project will be considered at a future date.  In the meantime,the city will continue working on a development agreement with Titan that is expected to include tax increment financing.