Finance committee to consider $2.5 million loan for Exact Sciences expansion project

MADISON, Wis. — The Madison Finance Committee will vote Monday afternoon on giving a $2.5 million TIF loan to a medical technology company.

Executives of Exact Sciences are interested in building a new processing lab because the company has grown significantly over the last eight years.

The company is considering the former Spectrum Brands building on Rayovac Drive and another undisclosed location in Fitchburg.

District 19 Alder Mark Clear said it’s important for Madison to make a competitive offer so that the city can be selected by Exact Sciences.

At least four votes are needed for the finance committee to approve the loan.

“I’m definitely hoping for the support of the finance committee, and hopefully they see that this project is really good for the community and the jobs that we’re creating will definitely be a big benefit for the community as well,” said Sarah Condella, human resources leader at Exact Sciences.

Exact Sciences currently employs more than 700 people, but the company is hoping to create 250 more jobs at the new site over the course of five years.

The finance committee will vote on a recommendation for the loan at a meeting Thursday afternoon.

The Madison Common Council will then vote on the loan on Oct. 3.

The $2.5 million TIF loan would be included in the 2018 city budget.

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