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File #: 52413    Version: 1 Name: Amending the 2018 Capital Budget and authorizing the Mayor and City Clerk to execute a development agreement to fund a $2,086,000 Tax Incremental Finance Loan to assist in the renovation and development of office and structured parking for Exact Sciences
Type: Resolution Status: Passed
File created: 7/10/2018 In control: COMMON COUNCIL
On agenda: 7/24/2018 Final action: 7/24/2018
Enactment date: 7/30/2018 Enactment #: RES-18-00578
Title: Amending the 2018 Capital Budget and authorizing the Mayor and City Clerk to execute a development agreement to fund a $2,086,000 Tax Incremental Finance Loan to assist in the renovation and development of office and structured parking for Exact Sciences Corporation in the Project Plan and Boundary Amendment area of TID #46 (Research Park).
Sponsors: Paul R. Soglin, Mark Clear
Attachments: 1. 11397 Exact Sciences Phase 2 - Jobs TIF Staff Report 7-13-18 FINAL.pdf
Fiscal Note
The proposed resolution amends the 2018 Adopted Capital Budget to appropriate $2,086,000 in GO Borrowing for a TIF loan for Exact Sciences in TID 46. If adopted, these funds will be used for Phase 2 of improvements at 1 Exact Lane. This phase of improvements includes renovating existing office space and constructing an addition to the existing building along with constructing a 970-stall parking structure.

The 2018 Adopted Capital Budget includes $2,500,000 for Phase 1 of the project; these funds were added to the budget through an amendment approved by the Finance Committee. This phase of the project included the renovation of the first floor of the existing facility along with the construction of laboratory and warehouse space.

If adopted, total funding for both phases of the project will be $4,586,000.

Title
Amending the 2018 Capital Budget and authorizing the Mayor and City Clerk to execute a development agreement to fund a $2,086,000 Tax Incremental Finance Loan to assist in the renovation and development of office and structured parking 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 66,000 gross square feet of office space on the second and third floors of the existing building located 1 Exact Lane (formerly 601 Forward Drive) (the “Existing ...

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