02 Oct Cologuard maker Exact Sciences plans huge expansion in Arizona
Exact Sciences Corp. is working on a major expansion plan in Phoenix.
The Madison-based cancer detection firm behind the Cologuard at-home cancer detection test is set to build a 250,000-square-foot facility and create more than 800 jobs, according to city of Phoenix documents.
Phoenix City Council is scheduled to vote Oct. 4 on a development agreement with publicly traded Exact Sciences (Nasdaq: EXAS).
Council will also vote on an incentives package that includes a performance-based job creation reimbursement not to exceed $1.6 million, along with a maximum of $5 million in reimbursement from eligible revenue generated through Transaction Privilege Tax at the site, according to documents on file with the city of Phoenix.
Examples of expected TPT revenue generation on the site include construction, leasing and retail activity.
Plans call for building a 250,000-square-foot facility with lab, office, manufacturing and warehouse space at the northeast corner of Sky Harbor Circle North and Buckeye Road. Exact Sciences will lease about 17 acres of the 35-acre Sky Harbor Center at Phoenix Sky Harbor International Airport.
A third-party economic analysis indicates a 10-year direct revenue benefit to the city of more than $21.5 million.