June 29, 2026 - Joint Review Board Packet

IF YOU NEED AN INTERPRETER, MATERIALS IN ALTERNATIVE FORMATS OR OTHER ACCOMODATION TO ACCESS THE MEETING, PLEASE CONTACT THE CITY CLERK AT 608-845-6495 AT LEAST 48 HOURS PRECEDING THE MEETING. EVERY REASONABLE EFFORT WILL BE MADE TO ACCOMMODATE THE REQUEST. JOINT REVIEW BOARD CITY OF VERONA Monday, June 29, 2026, at 1:00 p.m. Large Conference Room Verona City Center 111 Lincoln St. Verona, WI 53593 1. Call to order. 2. Roll call. 3. Approval of minutes. 4. Review the public record, planning documents and the resolutions passed by the Plan Commission and City Council. 5. Consideration of “Resolution Approving an Amended Project Plan for Tax Incremental District No. 8”. 6. Adjourn. POSTED: JUNE 11, 2026 www.ci.verona.wi.us City of Verona City Hall – 111 Lincoln Street Verona, WI 53593-1520 MINUTES JOINT REVIEW BOARD MEETING June 1, 2026 The meeting was called to order by City of Verona Mayor Luke Diaz at 1:00 p.m. Roll Call: City of Verona Mayor Luke Diaz, Dane County Treasurer Adam Gallagher, Verona Area School District Representative Chad Wiese, Madison Area Technical College Sylvia Ramirez and Public Member Gary Rockweiler. Also present: City of Verona Administrator Jamie Aulik, City of Verona Finance Director Brian Lamers and Todd Taves from Ehlers. Appointments: Motion was made by Sylvia Ramirez and seconded by Adam Gallagher to appoint Gary Rockweiler as the Public Member Representative. Motion was made by Adam Gallagher, seconded by Sylvia Ramirez to appoint Luke Diaz as Chair. Motion carried. Approval of minutes from June 24, 2025, Joint Review Board meeting: Motion was made by Adam Gallagher, seconded by Sylvia Ramirez to approve the minutes from June 24, 2025, Joint Review Board. Motion carried. Tax Incremental District Project Plan Amendment: Review Responsibilities of the Join Review Board: Todd Taves went through the responsibilities of the Join Review Board to Create and Amend TID’s. Review and Discussion on Draft Project Plan Amendment: Todd Taves discussed TID 8 project plan amendment to increase project cost from the original plan of $18.4 million to $46.1 million or an increase of $27.7 million. The estimated increase to the value would be estimated at another $90 million. He stated there would be no boundary changes. He went though the project additions including infrastructure that would be borrowed for. The plan estimated close date then would be 2036 from the required close date of 2038. Review of the Annual PE-300 Reports and the Performance and Status of the Active Tax Increment Districts as require by Wis. Stat. 66.1105(4m)(f): Todd Taves went over each of the TIF Reports for each District and answered any questions. Approval of Resolution Acknowledging Filing of Annual Reports and Compliance with Annual Meeting Requirement: Motion was made by Gary Rockweiler, seconded by Sylvia Ramirez to www.ci.verona.wi.us approve the resolution acknowledging filing of annual reports and compliance with annual meeting requirement. Motion carried. Set Next Meeting Date: The Board decided on the next meeting date of 6/29/26 at 1:00 p.m. Adjournment: Motion was made by Gary Rockweiler, seconded by Adam Gallagher, to adjourn the Joint Review Board Annual Meeting at 1:22 p.m. Motion carried. Respectfully submitted, Brian Lamers CPA Finance Director June 11, 2026 Verona Press ATTN: Legal Publications 2 pages via E -MAIL @ TCNLegals@OrourkeMediaGroup.com RE: City of Verona Legal Notice Publication Attached is a Legal Notice publication for the City of Verona, Wisconsin, to be published on June 18, 2026 . Please send a copy of the published notice and an affidavit of publication via e -mail or regular mail to: Ehlers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 pczaplewski@ehlers-inc.com Please send the invoice for publication and an affidavit of publication to: City of Verona 111 Lincoln St Verona, WI 53593 Please call us at 800-552-1171 with any questions. Sincerely, EHLERS Todd Taves Senior Municipal Advisor cc: Jamie Aulik, City Administrator, City of Verona Holly Licht, City Clerk, City of Verona Brian Lamers, City Finance Director Lucas Sivertsen, Director of Planning & Development Mayor Luke Diaz, City of Verona Attorney S. Bryan Kleinmaier, Stafford Rosenbaum Joe Murray, Municipal Advisor, Ehlers Paula Czaplewski, Senior Public Finance Analyst - TIF, Ehlers Annie Mallon, Senior Public Finance Analyst, Ehlers NOTICE OF JOINT REVIEW BOARD MEETING CITY OF VERONA, WISCONSIN Notice is Hereby Given that the City of Verona will hold a Joint Review Board meeting on June 29, 2026, at 1:00 PM in the Large Conference Room at the Verona City Center located at 111 Lincoln Street. The meeting is being held to consider approval of the resolution adopted by the Verona City Council amending Tax Incremental District No. 8. The meeting is open to the public. By Order of the City of Verona, Wisconsin Published June 18, 2026 City of Verona Wisconsin Tax Incremental District No. 8 Joint Review Board Resolution JOINT REVIEW BOARD RESOLUTION APPROVING AN AMENDED PROJECT PLAN FOR TAX INCREMENTAL DISTRICT NO. 8, CITY OF VERONA WHEREAS, the City of Verona (the “City”) seeks to amend the Project Plan for Tax Incremental District No. 8 (the “District”); and WHEREAS, Wisconsin Statutes Section 66.1105(4m)(a) requires that a Joint Review Board (the “JRB”) convene to consider such proposal; and WHEREAS, the JRB consists of one representative chosen by the School District; one representative chosen by the Technical College District; and one representative chosen by the County, all of whom have the power to levy taxes on property within the District; and one representative chosen by the City and one public member; and WHEREAS, the public member and JRB's chairperson were selected by a majority vote of the other JRB members before the public hearing required under Wisconsin Statutes Sections 66.1105 (4)(a) and (e) was held; and WHEREAS, all JRB members were appointed and the first JRB meeting was held within 14 days after the notice was published under Wisconsin Statutes Sections 66.1105 (4)(a) and (e); and WHEREAS, as required by Wisconsin Statutes Section 66.1105(4m)(b)1. the JRB has reviewed the public record, planning documents, resolution passed by the Plan Commission, and the resolution passed by the City Council; and WHEREAS, the JRB has considered whether, and concluded that, the District meets the following criteria as required by Wisconsin Statutes Section 66.1105(4m)(c): 1. The development expected in the District would not occur without the use of tax increment financing. 2. The economic benefits of the District, as measured by increased employment, business and personal income and property value, are sufficient to compensate for the cost of the improvements. 3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing districts. NOW, THEREFORE, BE IT RESOLVED that the JRB approves the resolution passed by the City Council approving an amendment to the District’s Project Plan. BE IT FURTHER RESOLVED that in the judgment of the JRB the development described in the Project Plan would not occur but for the amendment to the District’s Project Plan, that the economic benefits of the District, as measured by increased employment, busi ness and personal income and City of Verona Wisconsin Tax Incremental District No. 8 Joint Review Board Resolution property value, are sufficient to compensate for the cost of the improvements, and that the benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing districts. BE IT FURTHER RESOLVED that the JRB approves those Project Costs identified in the Project Plan that will be made for projects located outside of, but within a one-half mile radius of the District, pursuant to Wisconsin Statutes Section 66.1105(2)(f)1.n. Passed and adopted this _____ day of , 2026. Resolution introduced and adoption moved by JRB member: Motion for adoption seconded by JRB member: On roll call motion passed by a vote of _____ ayes to _____ nays ATTEST: JRB Chairperson Signature Clerk Signature June 1, 2026 PROJECT PLAN AMENDMENT City of Verona, Wisconsin Tax Incremental District No. 8 Verona Technology Park Expansion Prepared by: Ehlers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 BUILDING COMMUNITIES. IT’S WHAT WE DO. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 2 KEY DATES Organizational Joint Review Board Meeting Held: June 1, 2026 Public Hearing Held: June 1, 2026 Action by Plan Commission: June 1, 2026 Action by City Council: June 8, 2026 Action by the Joint Review Board: June 29, 2026 TABLE OF CONTENTS Executive Summary.................................................................................................................................. 3 Map of Current District Boundary ...................................................................................................... 6 Map Showing Existing Uses and Conditions ................................................................................... 8 Equalized Value Test ............................................................................................................................... 8 Statement Listing the Kind, Number and Location of All Proposed Public Works or Improvements Within the District ...................................................................................................... 8 Map Showing Proposed Improvements and Uses ....................................................................... 15 Detailed List of Estimated Project Costs ........................................................................................ 17 Economic Feasibility Study, Description of the Methods of Financing Estimated Project Costs and the Time When Related Costs or Monetary Obligations are to be Incurred ....................................................................................................................................................... 19 Annexed Property .................................................................................................................................. 24 Estimate of Property to be Devoted to Retail Business ......................................................... 24 Proposed Changes of Zoning Ordinances, Master Plan, Map, Building Codes and City Ordinances ................................................................................................................................................ 24 Statement of the Proposed Method for the Relocation of any Persons to be Displaced ........................................................................................................................................................................ 25 How Amendment of the Tax Incremental District Promotes the Orderly Development of the City ................................................................................................................................................... 25 List of Estimated Non-Project Costs .............................................................................................. 26 Legal Opinion Advising Whether the Plan is Complete and Complies with Wis. Stat. § 66.1105(4)(f) .............................................................................................................................................. 27 Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions .....................................................28 Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 3 SECTION 1: Executive Summary Description of District Tax Incremental District (“TID”) No. 8 (“District”) was created on January 9, 2017, to facilitate further industrial development on the southeast side of the City. The District overlaid approximately 81 acres of the Liberty Industrial Park (formerly Tax Incremental District No. 6) and added approximately 112 acres of land for future planned industrial development. The intent for the overlay was to provide a longer time horizon over which to recapture future project costs. Purpose of Amendment The purpose of this amendment, referred to hereafter as the Plan, the Amendment, or the Plan Amendment, is to amend the categories, locations or costs of project costs to be made as permitted under Wis. Stat. § 66.1105(4)(h)1. (“Project”). Development that has occurred within the District, along with expected additional development, requires further investment in public infrastructure: construction of a water tower and pumping station, improvements to intersections at Shady Bend Road/CTH M, and American Way/CTH PB, and extension of Arrowhead Way and related utilities to the south to access the future public works facility site. T he City also need s to increase the projected total development incentives to be paid to facilitate further construction within the Park. Estimated Total Project Cost Expenditures The City anticipates making total expenditures of approximately $ 46 million (“Project Costs”) to undertake the projects listed in this Project Plan (“Plan”). Of this total, $5.2 million has been spent through the end of 2025. Another $15.6 million in development assistance payments are committed under development agreements with Arrowhead Pharmaceutical and Kettle N orth Development. The original Project Plan projected $18.4 million in Project Costs. This Amendment adds $ 27.7 million for a total of $ 46.1 million in Project Costs . Added costs include $1 4.7 million in public infrastructure, $10. 3 million in development incentives, $2.7 million in interest and finance related expenses, and $45,000 for administration and professional services. Incremental Valuation The City projects that additional l and and improvements value of approximately $ 90 million will result from the Project. Creation of this additional value will be made possible by the Project Costs made within the District. A table detailing assumptions as to the development timing and Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 4 associated values is included in the Economic Feasibility Study located within this Plan. Expected Termination of District Based on the Economic Feasibility Study located within Section 9 of this Plan; the City anticipates that the District will generate sufficient tax increment to pay all Project Costs within 18 of its allowable 20 years. Summary of Findings As required by Wis. Stat. § 66.1105, and as documented in this Plan and the exhibits contained and referenced herein, the following findings are made: 1. That “but for” the creation of this District, the development projected to occur as detailed in this Plan: 1) would not occur; or 2) would not occur in the manner, at the values, or within the timeframe desired by the City. In reaching this determination, the City has considered the substantial investment needed to provide the public infrastructure necessary to allow for continued development within the District. Absent the use of tax incremental financing, the City is unable to fully fund this program of infrastructure improvements. Additionally, the City expects the potential need to provide incentives to encourage further development and expansion within the Park, and absent such ability to do so, that further development will not occur in the manner and timeframes desired by the City. 2. The economic benefits of the District, as measured by increased employment, business and personal income, and property value, are sufficient to compensate for the cost of the improvements. As businesses locate and expand within the District, they will cre ate additional employment opportunities and generate increased demand for local goods and services. Employees working within the District, along with the businesses themselves, will support other local establishments, service providers, and suppliers throu ghout the City and surrounding area. Collectively, these improvements and associated development activity are expected to strengthen the City’s economic base, enhance infrastructure capacity and safety, and support orderly and sustainable growth consistent with the City’s long-term development objectives. 3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions. As required by Wis. Stat. § 66.1105(4)(i)4., a calculation of the share of projected tax increments estimated to be paid by the owners of property in Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 5 the overlying taxing jurisdictions has been prepared and can be found in this Plan. However, because the Project would not occur without the use of tax incremental financing, these tax increments would not be paid but for creation of the District. Accordingly, the City finds that the benefits expected to be realized as set forth in this Plan outweigh the value of the tax increments to be invested in the Project. 4. The boundaries of the District are not being amended. 5. That Project Costs relate directly to promoting industrial development in the District, consistent with the purpose for which the District is created. 6. Improvements to be made in the District are likely to significantly enhance the value of substantially all of the other real property in the District. 7. The Plan for the District is feasible and is in conformity with the Master Plan of the City. 8. The City estimates that less than 35% of the territory within the District will be devoted to retail business at the end of the District’s maximum expenditure period, pursuant to Wis. Stat. § 66.1105(5)(b). Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 6 SECTION 2: Map of Current District Boundary A map identifying the current boundaries of the District is found on the following page. The District’s boundaries are not being amended. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 7 Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 8 SECTION 3: Map Showing Existing Uses and Conditions The District’s boundaries are not being amended. The “Map Showing Existing Uses and Conditions” included within the District’s original Project Plan dated December 6, 2016, remains unchanged and is incorporated by reference as part of this Plan Amendment. SECTION 4: Equalized Value Test No territory will be added to the District. Demonstration of compliance with the equalized value test is not required for this Plan Amendment. SECTION 5: Statement Listing the Kind, Number and Location of All Proposed Public Works or Improvements Within the District Project Costs are any expenditure made, estimated to be made, or monetary obligations incurred or estimated to be incurred as outlined in this Plan. Project Costs will be diminished by any income, special assessments or other revenues, including user fees or charges, other than tax increments, received or reasonably expected to be received in connection with the implementation of the Plan. If Project Costs incurred benefit territory outside the District, a proportionate share of the cost is not a Project Cost. Costs identified in this Plan are preliminary estimates made prior to design considerations and are subject to change after planning, design and construction is completed. With all Project Costs, the costs of engineering, design, survey, inspection, materials, construction, restoring property to its original condition, apparatus necessary for public works, legal and other consultant fees, testing, environmental studies, perm its, updating ordinances and plans, judgments or claims for damages and other expenses are included as Project Costs. The map found in Section 6 of this Plan along with the Detailed List of Project Costs found in Section 7 provide additional information as to the kind, number and location of potential Project Costs. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 9 The “Statement of Kind, Number and Location of Proposed Public Works and Other Projects” set forth in the original District Project Plan approved on December 6, 2016, remains unchanged and is restated below, reflecting Project Costs that the City has made, expects to make, or may need to make, in conjunction with the implementation of the District’s Plan or this Plan Amendment. Property, Right-of-Way and Easement Acquisition Property Acquisition for Development To promote and facilitate development the City may acquire property within the District. The cost of property acquired, and any costs associated with the transaction, are eligible Project Costs. Following acquisition, other Project Costs within the categor ies detailed in this Section may be incurred to make the property suitable for development. Any revenue received by the City from the sale of property acquired pursuant to the execution of this Plan will be used to reduce the total project costs of the Dis trict. If total Project Costs incurred by the City to acquire property and make it suitable for development exceed the revenues or other consideration received from the sale or lease of that property, the net amount shall be considered “real property assembly costs” as defined in Wis. Stat. § 66.1105(2)(f)1.c., and subject to recovery as an eligible Project Cost. Property Acquisition for Conservancy To promote the objectives of this Plan, the City may acquire property within the District that it will designate for conservancy. These conservancy objectives include preserving historic resources or sensitive natural features; protection of scenic and historic views; maintaining habitat for wildlife; maintaining adequate open space; reduction of erosion and sedimentation by preserving existing vegetation; and providing adequate areas for management of stormwater. The cost of property acquired for conservancy, and any costs associated with the transaction, are eligible Project Costs. Acquisition of Rights-of-Way The City may need to acquire property to allow for installation of streets, driveways, sidewalks, utilities, stormwater management practices and other public infrastructure. Costs incurred by the City to identify, negotiate and acquire rights-of-way are eligible Project Costs. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 10 Acquisition of Easements The City may need to acquire temporary or permanent easements to allow for installation and maintenance of streets, driveways, sidewalks, utilities, stormwater management practices and other public infrastructure. Costs incurred by the City to identify, ne gotiate and acquire easement rights are eligible Project Costs. Relocation Costs If relocation expenses are incurred in conjunction with the acquisition of property, those expenses are eligible Project Costs. These costs may include but are not limited to preparation of a relocation plan; allocations of staff time; legal fees; publication of notices; obtaining appraisals; and payment of relocation benefits as required by Wis. Stat. Chapter 32 and Wis. Admin. Code ADM 92. Site Preparation Activities Environmental Audits and Remediation If it becomes necessary to evaluate any land or improvement within the District, any cost incurred by the City related to environmental audits, testing, and remediation are eligible Project Costs. Demolition To make sites suitable for development, the City may incur costs related to demolition and removal of structures or other land improvements, including abandonment of wells or other existing utility services. Site Grading Land within the District may require grading to make it suitable for development, to provide access, and to control stormwater runoff. The City may need to remove and dispose of excess material or bring in fill material to provide for proper site elevations. Expenses incurred by the City for site grading are eligible Project Costs. Utilities Sanitary Sewer System Improvements To allow development to occur, the City may need to construct, alter, rebuild or expand sanitary sewer infrastructure within the District. Eligible Project Costs include, but are not limited to, construction, alteration, rebuilding or expansion of collection mains; manholes and cleanouts; service laterals; force Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 11 mains; interceptor sewers; pumping stations; lift stations; wastewater treatment facilities; and all related appurtenances. To the extent sanitary sewer projects undertaken within the District provide direct benefit to land outside of the District, the City will make an allocation of costs based on such benefit. Those costs corresponding to the benefit allocated to land within the District, and necessitated by the implementation of the Project Plan, are eligible Project Costs. Implementation of the Project Plan may also require that the City construct, alter, rebuild or expand sanitary sewer infrastructure located outside of the District. That portion of the costs of sanitary sewer system projects undertaken outside the District which are necessitated by the implementation of the Project Plan are eligible Project Costs. Water System Improvements To allow development to occur, the City may need to construct, alter, rebuild or expand water system infrastructure within the District. Eligible Project Costs include, but are not limited to, construction, alteration, rebuilding or expansion of distribution mains; manholes and valves; hydrants; service laterals; pumping stations; wells; water treatment facilities; storage tanks and reservoirs; and all related appurtenances. To the extent water system projects undertaken within the District provi de direct benefit to land outside of the District, the City will make an allocation of costs based on such benefit. Those costs corresponding to the benefit allocated to land within the District, and necessitated by the implementation of the Project Plan, are eligible Project Costs. Implementation of the Project Plan may also require that the City construct, alter, rebuild or expand water system infrastructure located outside of the District. That portion of the costs of water system projects undertaken outside the District which are necessitated by the implementation of the Project Plan are eligible Project Costs. Stormwater Management System Improvements Development within the District will cause stormwater runoff. To manage this stormwater runoff, the City may need to construct, alter, rebuild or expand stormwater management infrastructure within the District. Eligible Project Costs include, but are not l imited to, construction, alteration, rebuilding or expansion of stormwater collection mains; inlets, manholes and valves; service laterals; ditches; culvert pipes; box culverts; bridges; stabilization of stream and riverbanks; and infiltration, filtration and detention Best Management Practices (BMP’s). To the extent stormwater management system projects undertaken within the District provide direct benefit to land outside of the District, the City will make an allocation of costs based on such benefits . Those costs corresponding to the benefit allocated to land within the District, and Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 12 necessitated by the implementation of the Project Plan, are eligible Project Costs. Implementation of the Project Plan may also require that the City construct, alter, rebuild or expand stormwater management infrastructure located outside of the District. That portion of the costs of stormwater management system projects undertaken outside the District which are necessitated by the implementation of the Project Plan are eligible Project Costs. Electric Service To create sites suitable for development, the City may incur costs to provide, relocate or upgrade electric services. Relocation may require abandonment and removal of existing poles or towers, installation of new poles or towers, or burying of overhead electric lines. Costs incurred by the City to undertake this work are eligible Project Costs. Gas Service To create sites suitable for development, the City may incur costs to provide, relocate or upgrade gas mains and services. Costs incurred by the City to undertake this work are eligible Project Costs. Communications Infrastructure To create sites suitable for development, the City may incur costs to provide, relocate or upgrade infrastructure required for voice and data communications, including, but not limited to telephone lines, cable lines and fiber optic cables . Costs incurred by the City to undertake this work are eligible Project Costs. Streets and Streetscape Street Improvements To allow development to occur, the City may need to construct or reconstruct streets, highways, alleys, access drives and parking areas. Eligible Project Costs include, but are not limited to: excavation; removal or placement of fill; construction of road base; asphalt or concrete paving or repaving; installation of curb and gutter; installation of sidewalks and bicycle lanes; installation of culverts, box culverts and bridges; rail crossings and signals; utility relocation, to include burying overhead util ity lines; street lighting; installation of traffic control signage and traffic signals; pavement marking; right-of-way restoration; installation of retaining walls; and installation of fences, berms, and landscaping. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 13 Streetscaping and Landscaping To attract development consistent with the objectives of this Plan, the City may install amenities to enhance development sites, rights-of-way and other public spaces. These amenities include but are not limited to landscaping; lighting of streets, sidewalks, parking areas and public areas; installation of planters, benches, clocks, tree rings, trash receptacles and similar items; and installation of brick or other decorative walks, terraces and street crossings. These and any other similar amenities installed by the City are eligible Project Costs. Community Development Cash Grants (Development Incentives) The City may enter into agreements with property owners, lessees, or developers of land located within the District for sharing costs to encourage the desired kind of improvements and assure tax base is generated sufficient to recover Project Costs. No cash grants will be provided until the City executes a developer agreement with the recipient of the cash grant. Any payments of cash grants made by the City are eligible Project Costs. Contribution to Community Development Authority (CDA) As provided for in Wis. Stat. § 66.1105(2)(f)1.h and Wis. Stat. § 66.1333(13), the City may provide funds to its CDA to be used for administration, planning operations, and capital costs, including but not limited to real property acquisition, related to the purposes for which it was established in furtherance of any redevelopment or urban renewal project. Funds provided to the CDA (RDA) for this purpose are eligible Project Costs. Revolving Loan/Grant Program (Development Incentives) To encourage private development consistent with the objectives of this Plan, the City, through its CDA (RDA), may provide loans or grants to eligible property owners in the District. Eligible improvements will be those that are likely to improve the value of the property, enhance the visual appearance of the property and surrounding area, correct safety deficiencies, or as otherwise specified by the CDA (RDA) in the program manual. Any funds returned to the CDA (RDA) from the repayment of loans made are not considered revenues to the District and will not be used to offset District Project Costs. Instead, these funds may be placed into a revolving fund and will continue to be used for the program purposes stated above. Any funds provided to the CDA (RDA) fo r purposes of implementing this program are considered eligible Project Costs. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 14 Miscellaneous Rail Spur To allow for development, the City may incur costs for installation of a rail spur or other railway improvements to serve development sites located within the District. Projects Outside the Tax Increment District Pursuant to Wis. Stat. § 66.1105(2)(f)1.n, the City may undertake projects within territory located within one -half mile of the boundary of the District provided that: 1) the project area is located within the City’s corporate boundaries; and 2) the projects are approved by the Joint Review Board. The cost of projects completed outside the District pursuant to this section are eligible project costs and may include any project cost that would otherwise be eligible if undertaken within the Distric t. The City intends to make the following project cost expenditures outside the District: intersection improvements as detailed on the Map located in Section 6 and the Detailed List of Project Costs found in Section 7. Professional Service and Organizational Costs The costs of professional services rendered, and other costs incurred, in relation to the creation, administration and termination of the District, and the undertaking of the projects contained within this Plan, are eligible Project Costs. Professional services include but are not limited to architectural; environmental; planning; engineering; legal; audit; financial; and the costs of informing the public with respect to the creation of the District and the implementation of the Plan. Administrative Costs The City may charge the District as eligible Project Costs reasonable allocations of administrative costs, including, but not limited to, employee salaries. Costs allocated will bear a direct connection to the time spent by City employees relating to the implementation of the Plan. Financing Costs Interest expense, debt issuance expenses, redemption premiums, and any other fees and costs incurred in conjunction with obtaining financing for projects undertaken under this Plan are eligible Project Costs. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 15 SECTION 6: Map Showing Proposed Improvements and Uses In addition to the Project Cost locations depicted on the map, the City expects to pay development incentives to qualifying development projects within the District and will incur administrative and other professional service expenses in the implementation of the Project Plan. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 16 Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 17 SECTION 7: Detailed List of Estimated Project Costs The list found on the next page of this Section identifies the Project Costs that the City has made, expects to make, or may need to make in conjunction with the implementation of the District’s Plan or this Plan Amendment. All projects identified and related costs reflect the best estimates available as of the date of preparation of this Plan Amendment. All costs are preliminary estimates and may increase or decrease. Certain Project Costs listed may become unnecessary, and other Project Costs not currently identi fied may need to be made. (Section 6 details the general categories of eligible Project Costs). Changes in Project Cost totals or the types of Project Costs to be incurred will not require that this Plan be amended. T his Plan is not meant to be a budget nor an appropriation of funds for specific Project Costs, but a framework within which to manage Project Costs. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 18 Detailed List of Estimated Project Costs Project Cost Timing Totals Capital Expenditures - Original Plan1 2020 -2023 2,830,000 (547,483) 2,282,518 2,282,518 - Traffic Impact Analysis (CTH M) Signal Design-CTH M/Liberty Drive/Thousand Oaks Drive Signal Constuction-CTH M/Liberty Drive/Thousand Oaks Trail Signal Design-CTH M & Shady Bend Signal Construction-CTH M & Shady Bend Capital Expenditures - Added1 Water Tower and Pump Station 2027-2028 10,000,000 10,000,000 - 10,000,000 Shady Bend Rd/CTH M 2028-2029 3,500,000 (1,813,000) 1,687,000 - 1,687,000 CTH PB & American Way 2027-2028 1,250,000 (722,500) 527,500 - 527,500 Road & Utility Extensions 2028 3,000,000 3,000,000 - 3,000,000 Development Incentives 2023-2028 14,298,570 10,253,503 24,552,073 2,876,718 21,675,355 Interest and Fiscal Charges 2028-2038 1,156,315 2,686,485 3,842,800 - 3,842,800 Adminstration & Professional Services 2017-2038 130,000 45,258 175,258 77,654 97,604 Total Estimated Project Costs 18,414,885 30,187,763 (2,535,500) 46,067,148 5,236,890 40,830,259 Notes: 1Capital expenses include improvement of intersections located adjacent to, but not entirely within the District. These improvements are eligible Project Costs under Wis. Stat. § 66.1105(2)(f)1.n. 2As determined by AECOM based on traffic impacts. E-mail from Landon Leedle dated April 30, 2026. Original Plan Added Costs Less Non Project Costs2 Spent to Date Remaining Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 19 SECTION 8: Economic Feasibility Study, Description of the Methods of Financing Estimated Project Costs and the Time When Related Costs or Monetary Obligations are to be Incurred This Section includes an updated forecast of the valuation increases expected within the District, the associated tax increment collections, a summary of how remaining Project Costs would be financed, and a projected cash flow demonstrating that the District remains economically feasible. Key Assumptions As of January 1, 2025, the District has generated $160.7 million in incremental value. The Project Costs the City plans to make are expected to create an additional $90 million in incremental value by January 1, 2031 . Estimated valuations and timing for construction of the Project are included in Table 1. Assuming the City’s current equalized TID Interim tax rate of $17.73 per thousand of equalized value, and no economic appreciation or depreciation, the Project would generate a total of $ 53.3 million in incremental tax revenue over the 20-year term of the District as shown in Table 2. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 20 Table 1 – Development Assumptions Actual Annual Total Sq. Ft. Total Value Estimated Value per 1 2017 49,957,900 49,957,900 2017 1 2 2018 (49,957,900) (49,957,900) 2018 2 3 2019 0 0 2019 3 4 2020 1,033,500 1,033,500 2020 4 5 2021 14,831,200 14,831,200 2021 5 6 2022 25,475,800 25,475,800 2022 6 7 2023 74,920,000 74,920,000 2023 7 8 2024 44,454,200 44,454,200 2024 8 9 2025 0 2025 9 10 2026 0 2026 10 11 2027 0 2027 11 12 2028 0 2028 12 13 2029 100,000 45,000,000 45,000,000 2029 13 14 2030 100,000 45,000,000 45,000,000 2030 14 15 2031 0 2031 15 16 2032 0 2032 16 17 2033 0 2033 17 18 2034 0 2034 18 19 2035 0 2035 19 20 2036 0 2036 20 Totals 160,714,700 200,000 90,000,000 250,714,700 Notes: 1Actual incremental value per Wisconsin Department of Revenue. City of Verona, Wisconsin Tax Increment District No. 8 Development Assumptions Industrial ExpansionConstruction Year Construction Year $450 Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 21 Table 2 – Tax Increment Projection Worksheet Type of District Base Value 27,710,300 District Creation Date Economic Change Factor 0. 00% Valuation Date Jan 1, 2017 A pply to Base Value Max Life (Years) Base Tax Rate $17. 73 End of Expenditure Period 15 1/ 9/2032 Rate Adjustment Factor 0.00% Revenue Periods/Final Year 20 2038 Extension Eligibility/Years Yes 3 Eligible Recipient District Construction Year Value Added Valuation Year Economic Change Total Increment Revenue Year Tax Rate1 Tax Increment 1 2017 49,957,900 2018 0 49,957,900 2019 $21. 67 1,082,544 2 2018 - 49,957,900 2019 0 0 2020 $21.25 0 3 2019 0 2020 0 0 2021 $21. 12 0 4 2020 1,033,500 2021 0 1,033,500 2022 $21. 06 21,767 5 2021 14,831,200 2022 0 15,864,700 2023 $19. 08 302,626 6 2022 25,475,800 2023 0 41,340,500 2024 $18. 59 768,687 7 2023 74,920,000 2024 0 116,260,500 2025 $18. 28 2,125,042 8 2024 44,454,200 2025 0 160,714,700 2026 $17. 73 2,849,663 9 2025 0 2026 0 160,714,700 2027 $17. 73 2,849,663 10 2026 0 2027 0 160,714,700 2028 $17. 73 2,849,663 11 2027 0 2028 0 160,714,700 2029 $17. 73 2,849,663 12 2028 0 2029 0 160,714,700 2030 $17. 73 2,849,663 13 2029 45,000,000 2030 0 205,714,700 2031 $17. 73 3,647,567 14 2030 45,000,000 2031 0 250,714,700 2032 $17. 73 4,445,470 15 2031 0 2032 0 250,714,700 2033 $17. 73 4,445,470 16 2032 0 2033 0 250,714,700 2034 $17. 73 4,445,470 17 2033 0 2034 0 250,714,700 2035 $17. 73 4,445,470 18 2034 0 2035 0 250,714,700 2036 $17. 73 4,445,470 19 2035 0 2036 0 250,714,700 2037 $17. 73 4,445,470 20 2036 0 2037 0 250,714,700 2038 $17. 73 4,445,470 Totals 250,714,700 0 F uture Value of Increment 53,314,840 Notes: 1Rate shown for the 2026 and preceding revenue years are actual per DOR Form PC-202. No City of Verona, Wisconsin Tax Increment District No. 8 Tax Increment Projection Worksheet Industrial January 9, 2017 20 Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 22 Financing and Implementation Additional public infrastructure improvements to be constructed in the District will require debt financing. For purposes of the Plan, a $ 13.9 million G.O. Note issue is shown in 202 8. Proceeds would pay the cost to construct of a water tower and pumping station, improvements to intersections at Shady Bend Road/CTH M, and American Way/CTH PB, and extension of Arrowhead Way and related utilities to the south to access the future public works facility site. Debt principal and interest would be repaid from tax increment. Any further development incentives provided would be on a “pay as you go” basis. Payments to developers or companies would be made only from the tax increment generated by the associated facilities. The City will not appropriate funds from any other source to make payments, and any unpaid balances remaining at the time of District closure would remain unpaid and cease to become liabilities. Based on the Project Cost expenditures as included within the cash flow exhibit (Table 3), the District is projected to accumulate sufficient funds by the year 2036 to pay off all Project cost liabilities and obligations. The projected closure is based on the various assumptions noted in this Plan and will vary dependent on actual Project Costs incurred and the actual amount of tax increments collected. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 23 Table 3 – Cash Flow Livesey Arrowhead F uture Estimated PAYGO2 PAYGO3 PAYGO4 Debt Service Previous Shady Bend C TH PB & Water Tower Road & Utility Year $2,275,520 $16,000,000 $5,984,277 E xpenditures Rd/CTH M American Way & Pump Extensions Year 2017 0 22,331 22, 331 (22,331) (22,331) 0 2017 2018 0 3,119 3, 119 (3,119) (25,450) 0 2018 2019 1,082,544 1, 082,544 1,082,544 2,881 1,085,425 (2,881) (28,331) 0 2019 2020 0 0 3,511 2,890 6, 401 (6,401) (34,732) 0 2020 2021 0 740 311,719 312, 459 315,207 15,894 331,100 (18,641) (53,373) 0 2021 2022 21,767 6,341 1,951,208 1, 979,316 1,958,287 8,342 1,966,629 12,687 (40,686) 0 2022 2023 302,626 10,224 4,397 317, 247 225,206 5,513 5,467 236,186 81,061 40,375 18,275,520 2023 2024 768,687 9,675 778, 362 364,564 374,410 6,654 745,629 32,733 73,108 17,713,829 2024 2025 2,125,042 34,495 67,338 2, 226,875 521,937 1,390,601 10,080 1,922,617 304,258 377,366 16,042,193 2025 2026 2,849,663 5,000 67,338 2, 922,001 585,191 1,979,506 3,100 2,567,797 354,204 731,570 13,613,039 2026 2027 2,849,663 67,338 2, 917,001 585,191 1,979,592 125,000 500,000 6,500 3,196,283 (279,282) 452,288 11,102,558 2027 2028 2,849,663 67,338 13,865,000 16, 782,001 285,707 1,979,592 350,000 402,500 9,500,000 3,000,000 275,500 6,750 15,800,049 981,952 1,434,240 22,435,842 2028 2029 2,849,663 67,338 2, 917,001 0 1,979,592 701,600 1,337,000 7,000 4,025,192 (1,108,191) 326,049 20,031,707 2029 2030 2,849,663 67,338 2, 917,001 1,979,592 1,004,300 7,250 2,991,142 (74,141) 251,909 23,571,392 2030 2031 3,647,567 67,338 3, 714,905 1,979,592 398,952 1,000,400 7,500 3,386,444 328,461 580,369 20,712,848 2031 2032 4,445,470 67,338 4, 512,808 1,979,592 797,904 1,500,600 7,750 4,285,846 226,963 807,332 16,925,353 2032 2033 4,445,470 67,338 4, 512,808 377,931 797,904 2,209,900 8,000 3,393,735 1,119,073 1,926,406 13,974,518 2033 2034 4,445,470 67,338 4, 512,808 0 797,904 2,202,600 8,250 3,008,754 1,504,055 3,430,460 11,336,614 2034 2035 4,445,470 67,338 4, 512,808 797,904 2,202,500 8,500 3,008,904 1,503,905 4,934,365 8,623,711 2035 2036 4,445,470 67,338 4, 512,808 797,904 2,204,300 8,750 3,010,954 1,501,855 6,436,220 5,830,807 2036 2037 4,445,470 67,338 4, 512,808 797,904 2,202,900 9,000 3,009,804 1,503,005 7,939,224 2,957,904 2037 2038 4,445,470 67,338 4, 512,808 797,904 2,203,200 9,250 3,010,354 1,502,455 9,441,679 0 2038 Totals 53,314,840 66,475 942, 732 2,267,324 13,865,000 70,456,371 2,567,796 16,000,000 5,984,277 17,432,300 2,282,518 1,687,000 527,500 10,000,000 3,000,000 1,082,544 275,500 175,258 61,014,692 Totals Notes: 1Revenues, expenditures and fund balances shown through December 31, 2024 are actual, per the City's audited financial statements. 2PAYGO payments are equal to 90% of the incremental taxes received from the TID 8 Property, and will reimburse Developer for the Actual Final Cost of the Improvements, plus interest accruing at 4%. LEGEND: 3PAYGO payments are equal to 90% of the incremental taxes received from the development project, subject to a maximum of $16 million. CALLABLE MATURITIES 4PAYGO payments are equal to 50% of the projected incremental taxes received from the related project END OF EXP. PERIOD City of Verona, Wisconsin Tax Increment District No. 8 Cash Flow Projection1 Intergov. Revenues Proceeds of LT Debt Interest Earnings Tax Increments Developer Payments Admin. & Prof. Services E xpense Projected Expenditures Financing Costs Liabilities Outstanding PROJECTED CLOSURE YEAR Projected Revenues Total Revenues Balances Refunded Tax Increment Total Expenditures Annual Cumulative Public Infrastructure 2028 Notes Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 24 SECTION 9: Annexed Property A tax incremental district cannot include annexed territory unless at least three years have elapsed since the annexation, or certain other requirements are met. No territory is being added to the District as part of this Plan Amendment. SECTION 10: Estimate of Property to be Devoted to Retail Business Pursuant to Wis. Stat. § 66.1105(5)(b), the City estimates that none of the territory within the District will be devoted to retail business at the end of the District’s maximum expenditure period. SECTION 11: Proposed Changes of Zoning Ordinances, Master Plan, Map, Building Codes and City Ordinances Zoning Ordinances The proposed Plan Amendment is in general conformance with the City’s current zoning ordinances. Individual properties may require rezoning at the time of development. Land within the District zoned industrial at the time of District creation will remain in a zoning classification suitable for industrial sites for the life of the District. Master (Comprehensive) Plan and Map The proposed Plan Amendment is in general conformance with the City’s Comprehensive Plan identifying the area as appropriate for industrial development. Building Codes and Ordinances Development within the District will be required to conform to State Building Codes and will be subject to the City's permitting and inspection procedures. The proposed Plan Amendment conforms to all relevant State and local ordinances, plans, and codes. N o changes to the existing regulations are proposed or needed. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 25 SECTION 12: Statement of the Proposed Method for the Relocation of any Persons to be Displaced Should the continued implement ation of this Plan require relocation of individuals or business operations, relocations will be handled in compliance with Wis. Stat. Chapter 32 and Wis. Admin. Code ADM 92. SECTION 13: How Amendment of the Tax Incremental District Promotes the Orderly Development of the City This Plan Amendment promotes the orderly development of the City by providing necessary public infrastructure improvements and appropriate financial incentives for private development projects that will expand the tax base. Development will occur in an orderly fashion in accordance with approved plans so that the Projects will be compatible with adjacent land uses. Development of new uses in the District will generate positive secondary impacts in the community such as increa sed employment, purchase of good s and services from City businesses and increased general economic activity. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 26 SECTION 14: List of Estimated Non-Project Costs Non-project costs are public works projects which only partly benefit the District. Costs incurred that do not benefit the District may not be paid with tax increments. Examples of non-project costs are: • A public improvement made within the District that also benefits property outside the District. That portion of the total Project Costs allocable to properties outside of the District would be a non- project cost. • A public improvement made outside the District that only partially benefits property within the District. That portion of the total Project Costs allocable to properties outside of the District would be a non - project cost. • Projects undertaken within the District as part of the implementation of this Project Plan, the costs of which are paid fully or in part by impact fees, grants, special assessments, or revenues other than tax increments. The following are non- project costs that will be incurred in conjunction with implementation of this Plan Amendment: Project Total Cost Non-Project Cost Portion Shady Bend Rd/CTH M $3,500,000 $1,813,000 CTH PB & American Way $1,250,000 $722,500 Total $4,750,000 $2,535,500 Allocation of non-project costs, based on traffic impact analysis, provided by AECOM. Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 27 SECTION 15: Legal Opinion Advising Whether the Plan is Complete and Complies with Wis. Stat. § 66.1105(4)(f) Tax Incremental District No. 8 Project Plan Amendment, City of Verona Prepared by Ehlers Page | 28 SECTION 16: Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions The following projection is provided to meet the requirements of Wis. Stat. § 66.1105(4)(i)4. Revenue Year Dane County City of Verona Verona Area School District Madison College Total Revenue Year 2019 152,709 242,411 650,826 36,598 1,082,544 2019 2020 0 0 0 0 0 2020 2021 0 0 0 0 0 2021 2022 3,071 4,874 13,086 736 21,767 2022 2023 42,690 67,766 181,939 10,231 302,626 2023 2024 108,435 172,130 462,135 25,988 768,687 2024 2025 299,769 475,854 1,277,576 71,843 2,125,042 2025 2026 401,988 638,116 1,713,219 96,341 2,849,663 2026 2027 401,988 638,116 1,713,219 96,341 2,849,663 2027 2028 401,988 638,116 1,713,219 96,341 2,849,663 2028 2029 401,988 638,116 1,713,219 96,341 2,849,663 2029 2030 401,988 638,116 1,713,219 96,341 2,849,663 2030 2031 514,544 816,788 2,192,919 123,316 3,647,567 2031 2032 627,100 995,460 2,672,619 150,291 4,445,470 2032 2033 627,100 995,460 2,672,619 150,291 4,445,470 2033 2034 627,100 995,460 2,672,619 150,291 4,445,470 2034 2035 627,100 995,460 2,672,619 150,291 4,445,470 2035 2036 627,100 995,460 2,672,619 150,291 4,445,470 2036 2037 627,100 995,460 2,672,619 150,291 4,445,470 2037 2038 627,100 995,460 2,672,619 150,291 4,445,470 2038 Totals 7,520,857 11,938,624 32,052,903 1,802,455 53,314,840