MN SF343

Establishes the Destination Medical Center Authority in Rochester with a seven-member board appointed by the governor and confirmed by the senate, with members required to have no financial interest in Mayo Clinic or related entities.

Authorizes the authority to create medical center development districts and undertake projects including acquiring property, constructing infrastructure, parking facilities, and public improvements to support Rochester's development as a global destination medical center.

Permits the authority to issue revenue bonds up to $585,000,000 (less up to $60,000,000 in city bonds) secured by designated state tax revenues including personal income taxes, corporate franchise taxes, commercial-industrial property taxes, and sales taxes.

Requires the city to commit at least 10 percent of project costs and pay $450,000 annually for administrative and operating costs before authority bonds can be issued for projects.

Provides state payments from designated state tax increases to cover debt service on authority bonds and operating expenses through fiscal year 2049, with the authority sunsetting December 31, 2043.