Public-Private Partnerships: What Do They Mean for Rochester?
Many new and upcoming projects in Rochester are funded by public-private partnerships, also known as “P3s” or “PPPs.” A P3 is an agreement between two or more public and private entities, usually for a long-term basis. P3s allow for private developers to receive partial funding from local and state governments. Public-private partnerships are commonly used to build and support a city’s infrastructure, schools, transportation, and so on.
Here are a few examples of P3s in Rochester, MN:
- Rochester Downtown Alliance (RDA)
- Destination Medical Center (DMC)
- Destination Medical Center Economic Development Agency (DMC EDA)
- University of Minnesota – Rochester’s (UMR) expansion plans for downtown Rochester
- Affordable housing plans
Whether a new apartment building is going up or a new street is being paved, these public-private partnerships bring economic development to Rochester. As plans for Rochester expand over the next 5, 10, and 15 years, so will the demand for construction and trades jobs. Uniquely enough, P3s create opportunities for government agencies, higher education administrators, local officials, and private developers to collaborate and work together.
For more information about P3s in southeastern MN, contact local resources such as Rochester Area Economic Development, Inc., Rochester Area Chamber of Commerce
, or Rochester Area Builders
. These organizations exist to help our community grow and to provide continued employment opportunities.