Fiscal Note
The 2017 Adopted Capital Budget authorizes $2.5 million in GO borrowing for tax increment financing loans in TID 46. This resolution authorizes a development agreement for a $1.89 million tax increment financing loan in TID 46 to Epicentre, Inc.
Title
SUBSTITUTE Authorizing the Mayor and City Clerk to execute a development agreement to fund a $1,890,000 Tax Incremental Finance Loan to assist in the development of a Corporate Headquarters for Epicentre, Inc. in the Project Plan and Boundary Amendment area of TID #46 (Research Park).
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WHEREAS the Common Council adopted the current TIF Policy on February 25, 2014; and,
WHEREAS this TIF Policy contemplates “Jobs Projects” that foster the retention and creation of new employment opportunities throughout the community; and,
WHEREAS employers in the “Medical/Biotechnology” field are identified as eligible for “Jobs Projects;” and,
WHEREAS Epicentre Technologies is an existing Madison employer involved in the production, testing, storage, and distribution of life science products, including enzymes produced in bacteria, nucleotides, and oligonucleotides; and,
WHEREAS Epicentre Technologies desires to grow its Madison presence by constructing a new 132,000 square foot facility at 6102 Odana Road; and,
WHEREAS Epicentre Technologies will retain and maintain at least 100 full time equivalent positions at this location; and,
WHEREAS Epicentre Technologies will be a complimentary addition to the adjacent University Research Park, helping to insure that this area of the City remains important center for biotechnology-related companies; and,
WHEREAS Epicentre Technologies submitted a TIF Application to the City of Madison and City staff have determined that the project qualifies for TIF assistance under the “Jobs Project” category of the City’s TIF Policy and complies with the provisions for a gap analysis waiver due to the assistance representing 40% of the net present value of tax increment.
NOW T...
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