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Subsidy Tracker Individual Entry

Company: Mayo Clinic
Parent Company: Mayo Clinic
Subsidy Source: multiple
Location: Minnesota
City: Rochester
County: Olmsted
Project Description: healthcare campus expansion
Year: 2013
Major Industry of Parent: healthcare services
Specific Industry of Parent: healthcare services
Subsidy Value: $585,000,000
Subsidy Value in 2023 Dollars: $768,539,474
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
Number of Jobs or Training Slots: 35,000
Capital Investment: $3,500,000,000
Source of Data: The value and the breakdown of the subsidy package as well as the investment projection are taken from: Jennifer Brooks, "What the doctors ordered: Rochester, Mayo celebrate," Minneapolis Star Tribune, May 23, 2013 and Chris Newmarker, "Minnesota's Mayo, 3M and MOA win breaks from state," Finance & Commerce, May 20, 2013. See also: Christopher Snowbeck, "Lawmakers sign off on Mayo vision," St. Paul Pioneer Press, May 20, 2013.
Notes: The Mayo Clinic was granted a state and local subsidy package worth $585 million over 27 years for expansion of its campus called Destination Medical Center. The state committed $372 million and authorized the city and the county to spend $127 million on the project, including $116 million on a transit line to the complex. The remainder of the package included other subsidies such as an unspecified amount in sales tax exemptions on construction materials. The subsidies will kick in after the company spends $200 million on the project. The jobs figure is a projection over 20 years. Overlaps with main Subsidy Tracker data: none.
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.