Verona approves closing Epic's TIF district

The city council of Verona, Wis., unanimously voted Monday to close the tax increment financing district that includes much of Epic's headquarter campus at the end of the year, reports Wisconsin State Journal.

The TIF District No. 7 was created in 2002 when Epic was moving its headquarters from Madison to Verona. Originally scheduled to close in 2025, financial consultants recommended the city close the district early because Epic's growth has generated enough tax increment to pay off the city's debt ahead of schedule, according to the report.

The district is expected to return approximately $21.2 million in cash to the district's taxing entities, and add $393 million — the value of Epic's campus — back to the tax rolls, according to the report.

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