The Madison Common Council this week advanced a plan to provide Exact Sciences with a $2.5 million tax-increment financing loan, expanding the boundaries of a TIF district to include the former Spectrum Brands site that Exact Sciences might renovate into a future home.
Exact Sciences, which manufactures the Cologuard colorectal cancer test, would like to renovate the former Spectrum Brands structure and also build a 137,000 square-foot processing lab on the site. The price tag for the proposed project is $57.3 million.
According to a report in the Wisconsin State Journal, the company only qualifies for a $1.8 million TIF loan and would need a waiver to receive the full $2.5 million.
Exact Sciences also is considering a site in Fitchburg for the processing lab, and the city of Madison is looking to maintain a competitive posture in the site selection process.
The former Spectrum Brands site is located at 601 Rayovac Drive on Madison’s southwest side.
