ST. PAUL, Minn. (AP) – A complicated tax capture plan sought by the Mayo Clinic to assist in a 20-year growth plan is being dropped in favor of state aid payments directly tied to the amount of private spending on the development.
The revisions to the Mayo proposal were coming Friday in the Senate Taxes Committee. The Associated Press obtained a copy of the planned changes, which were developed in recent days as Mayo has tried to soothe the concerns of leading lawmakers.
The new plan calls for private investors to commit at least $150 million and local governments to pledge $60 million before any state contributions are made. That would free up annual state payments, with the amount based on the private investment. The state share for public infrastructure is capped at $525 million.