Amid the boom in downtown development and the flurry of Destination Medical Center activity, a sale of a historic Rochester property has wrapped up after 20 years.
Mayo Clinic now officially owns the former Olmsted County Courthouse property after making the last payment of a $10.1 million, 20 year Contract for Deed deal.
The final payment was made on Sept. 1 to complete the agreement that was originally signed between the Mayo Foundation and Olmsted County in October 1993, according to Kelley Luckstein of Mayo Clinic.
Mayo Clinic spent $7.7 million to renovate the courthouse into what is now the Ozmun office buildings at 515 Second St. The revamped complex was dedicated in 1995. The property also includes the Dan Abraham Healthy Living Center at 565 First St. S.W.
The buildings and property on Second Street Southwest became available after the then-new City-county Government Center at 151 Fourth St. S.E. was dedicated in 1993.
After paying $1 down as earnest money, Mayo Clinic made payments to the county every Sept. 1. The first installment was $1,031,946 and then the payment increased by one dollar for the next four years.
By the fifth year, the payment grew to $1,216,807 for five years. It increased to $1,401,665 on year 11 and the annual remained at that level through the final payment.
The original deal was made by the Mayo Foundation, but that entity has since been converted into the Mayo Clinic legal body, says Luckstein. On Nov. 19, the ownership was transferred from the foundation to Mayo Clinic.