Rochester City Council approves $500 million in conduit financing bonds to benefit Mayo Clinic
(Credit: City of Rochester)
(ABC 6 News) — At Monday’s meeting, the Rochester City Council approved up to $500 million in conduit financing for Mayo Clinic’s Bold. Forward. Unbound. project.
The project is scheduled to begin construction this year.
The conduit financing will be used for project costs including demolition, construction, improvement, and equipping of Mayo Clinic’s facilities in Rochester, including near and around 200 First Street SW, Saint Marys modernization and growth located at the 1200 to 1400 block of 2nd Street SW, and other capital projects.
The City of Rochester has routinely assisted the Mayo Clinic with conduit financing in the past, including 11 times going back to the year 2000 in amounts ranging from $50 million to $200 million each time.
Before issuing the bonds, the City of Rochester will enter into an agreement with Mayo Clinic, making it obligated to make payments towards the principal and interest on the bonds when due.
This is the final financial approval needed by the Rochester City Council before construction on the project can begin.