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File #: 48934    Version: Name: Authorizing the Mayor and City Clerk to execute a development agreement to fund a $2,500,000 Tax Incremental Finance Loan to assist in the renovation and development of office, laboratory, and warehouse space for Exact Sciences Corporation in the Project
Type: Resolution Status: Passed
File created: 9/19/2017 In control: FINANCE COMMITTEE
On agenda: 10/17/2017 Final action: 10/17/2017
Enactment date: 10/19/2017 Enactment #: RES-17-00811
Title: Authorizing the Mayor and City Clerk to execute a development agreement to fund a $2,500,000 Tax Incremental Finance Loan to assist in the renovation and development of office, laboratory, and warehouse space for Exact Sciences Corporation in the Project Plan and Boundary Amendment area of TID #46 (Research Park).
Sponsors: Paul R. Soglin, Mark Clear, Matthew J. Phair, Barbara Harrington-McKinney
Attachments: 1. Exact Science TIF Report to Finance (Closed Session) 9-11-17 FINAL.pdf, 2. Exact Sciences Memo - Legistar 48934 - 9-25-17.pdf, 3. Version 1, 4. Ald. Kemble amendment
Fiscal Note
The proposed resolution authorizes a development agreement to fund a $2,500,000 Tax Incremental Finance (TIF) Loan for Exact Sciences Corporation in the Project Plan and Boundary Amendment area of TID #46 (Research Park). Exact Sciences Corporation, through its development entity CG Growth, LLC (“Developer”), desires to renovate approximately 157,000 gross square feet of office space at 601 Rayovac Drive and construct approximately 137,000 gross square feet of laboratory and warehouse space at the adjacent 650 Forward Drive. Funding for the $2,500,000 TIF Loan is contingent upon approval of the 2018 Capital Budget authorizing the expenditure of funds stated herein. The 2017 Adopted Capital Budget will not be amended by the proposed resolution. In the event that the TID #46 Plan and Boundary Amendment is not certified by DOR on or about April 30, 2018, Developer shall be obligated to repay all funds disbursed by the City as a conventional loan.
Title
Authorizing the Mayor and City Clerk to execute a development agreement to fund a $2,500,000 Tax Incremental Finance Loan to assist in the renovation and development of office, laboratory, and warehouse space for Exact Sciences Corporation in the Project Plan and Boundary Amendment area of TID #46 (Research Park).
Body
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 Exact Sciences Corporation is an existing Madison employer involved in the research and production of a colorectal cancer screening test; and,

WHEREAS Exact Sciences Corporation (“Employer”) through its development entity CG Growth, LLC (“Developer”) desires to renovate approximately 157,000 gross square feet of office space at 601 Ray...

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