The City of Verona is licking its chops over the impending closure of the TIF 7 district, created in 2002 to lure Epic to its community. Since moving to Verona, Epic has grown from a 550-employee company to a 9,500-employee company with about $2 billion in revenue.
The Verona Common Council will vote to close the TIF 7 district ahead of schedule on May 9. Once approved, Epic’s $393 million, 17-building campus will return to the city’s tax rolls. The result, according to press reports, will be a $21 million surplus to the city that will be split between taxing jurisdictions and continue with a minimum 10% city of Verona tax cut and another 12% increase in available money to spend.
Of the $21 million rebate, the Verona Area School District will receive $2,946,654; the city of Verona will get $6,153,731; Dane County will receive $11,232,743; and $868,664 will go to Madison College.
The school district will also receive a one-time shot in the arm amounting to about $11.2 million.
