June 01, 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 June 1, 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. Appointments: a. Public member. b. Chairperson. 4. Approve Minutes - June 24, 2025 5. Tax Incremental District Project Plan Amendment a. Review responsibilities of the Joint Review Board. b. Review and discuss draft Project Plan Amendment. 6. Annual Meeting a. Review Annual PE -300 Reports and the performance and status of the City’s act ive Tax Incremental Districts as required by Wis. Stat. § 66.1105(4m)(f). i. Tax Incremental District No. 8 (PE-300 Only) ii. Tax Incremental District No. 9 iii. Tax Incremental District No. 10 iv. Tax Incremental District No. 11 b. Approve “Resolution Acknowledging Filing of Annual Reports and Compliance with Annual Meeting Requirement.” 7. Set next meeting date. 8. Adjourn. MINUTES JOINT REVIEW BOARD ANNUAL MEETING CITY OF VERONA June 24, 2025 Large Conference Room and Virtual Verona City Center 111 Lincoln St. Verona, WI 53593 1. The meeting was called to order at 9:30 a.m. by Verona City Administrator Jamie Aulik. 2. Present were: City of Verona Mayor Luke Diaz, Dane County Treasurer Adam Gallagher, Verona Area School District Representative Chad Wiese, and Madison Area Technical College Representative Sylvia Ramirez. There was no public member. 3. Also present were: City of Verona Administrator Jamie Aulik, City Attorney Bryan Kleinmaier and Todd Taves of Ehlers. 4. Appointments: a. Chairperson. Gallagher moved, Ramirez seconded appointing Luke Diaz Chair. There were no other nominations, and the motion passed unanimously. 5. Minutes a. Gallagher moved, Ramirez seconded approving the minutes of the August 14, 2024 Joint Review Board meeting. The motion passed unanimously. 6. Review Annual PE-300 Reports and the performance and status of TIDs: a. Mr. Todd Taves of Ehlers reviewed the performance and status of Tax Incremental Districts No. 8, 9 and 10. 7. Approve “Resolution Acknowledging Filing of Annual Report s and Compliance with Annual Meeting Requirement.” a. Ramirez moved, Gallagher seconded approving the Resolution Acknowledging Filing of Annual Reports and Compliance with Annual Meeting Requirement. The motion passed unanimously. 8. Adjournment: a. Ramirez moved, Gallagher seconded adjournment. The motion passed unanimously and the meeting was adjourned at 9:42 a.m. By: Jamie J. Aulik, City Administrator 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: Scheduled for June 1, 2026 Public Hearing Held: Scheduled for June 1, 2026 Action by Plan Commission: Scheduled for June 1, 2026 Action by City Council: Scheduled for June 8, 2026 Action by the Joint Review Board: TBD 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 a mend 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 land 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 District. 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 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 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 limited 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. This 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 Ap ply 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 Fu ture 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 Fu ture Estimated PAYGO2 PAYGO3 PAYGO4 Debt Service Previous Shady Bend CT H PB & Water Tower Road & Utility Year $2,275,520 $16,000,000 $5,984,277 Exp enditures 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 Exp ense 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 implementation 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) [TO BE INSERTED] 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 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 1 – Municipality and TID Co-muni code Municipality County Due date Report type TID number TID type TID name Creation date Mandatory termination date Anticipated termination date Section 2 – Beginning Balance Amount TID fund balance at beginning of year 13286 VERONA DANE 07/01/2026 ORIGINAL 008 5 N/A 01/09/2017 01/09/2038 01/01/2036 $73,109 Section 3 – Revenue Amount Tax increment Investment income Debt proceeds Special assessments Shared revenue Sale of property Allocation from another TID $2,125,042 $34,495 TID number Developer guarantees Developer name Transfer from other funds Source Grants Source Other revenue Source Personal Property Aid $67,338 Total Revenue (deposits) $2,226,875 Page of 1 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 4 – Expenditures Amount Capital expenditures Administration Professional services Interest and fiscal charges DOR fees Discount on long-term debt Debt issuance costs Principal on long-term debt Environmental costs Real property assembly costs Allocation to another TID $2,655 $7,425 TID number Developer grants Developer name Kettle North Development $521,937 Developer name Arrowhead Pharmaceuticals $1,390,601 Transfer to other funds Fund Other expenditures Name Total Expenditures $1,922,618 Section 5 – Ending Balance Amount TID fund balance at end of year Future costs Future revenue Surplus or deficit $377,366 $54,695,255 $63,759,566 $9,441,677 Page of 2 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Current Year TID New Construction Values TID TID New Construction Increase TID New Construction Decrease Prior Year Correction TID Net New Construction (NNC) Section 6 – TID New Construction 008 $39,068,200 $0 $210,900 $39,279,100 009 $980,400 $0 $118,000 $1,098,400 010 $0 $0 $0 $0 011 $60,652,200 $0 $0 $60,652,200 Total $100,700,800 $0 $328,900 $101,029,700 Current Year Allowable Levy Increase Attributable to TID NNC TID TID Net New Construction Prior Year Municipal Equalized Value TID Net New Construction % Prior Year Adjusted Actual Levy Allowable Levy Increase Attributable to TID Net New Construction 008 $39,279,100 $4,261,182,200 0.92 $16,769,567 $154,280 009 $1,098,400 $4,261,182,200 0.03 $16,769,567 $5,031 010 $0 $4,261,182,200 0.00 $16,769,567 $0 011 $60,652,200 $4,261,182,200 1.42 $16,769,567 $238,128 Total $101,029,700 $4,261,182,200 2.37 $16,769,567 $397,439 Current Year Actual TID NNC Impact to Municipal Levy Levy Increase Attributable to TID Net New Construction Increase per $100,000 $397,439 $3.97439 Historical Allowable Levy Increase Attributable to TID NNC Year TID TID Net New Construction TID Net New Construction % Allowable Levy Increase Attributable to TID Net New Construction Prior Year Adjusted Actual Levy Prior Year Municipal Equalized Value 2024 008 $69,680,200 $3,988,131,200 1.75 $15,800,105 $276,502 2024 009 $36,690,300 $3,988,131,200 0.92 $15,800,105 $145,361 2024 010 $0 $3,988,131,200 0.00 $15,800,105 $0 2024 Total $106,370,500 $3,988,131,200 2.67 $15,800,105 $421,863 2023 004 $2,600 $3,629,798,500 0.00 $15,207,168 $0 2023 008 $22,238,500 $3,629,798,500 0.61 $15,207,168 $92,764 2023 009 $29,531,600 $3,629,798,500 0.81 $15,207,168 $123,178 2023 010 $0 $3,629,798,500 0.00 $15,207,168 $0 2023 Total $51,772,700 $3,629,798,500 1.42 $15,207,168 $215,942 Page of 3 4 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 7 – Preparer/Contact Information Preparer name Preparer title Preparer email Preparer phone Contact name Contact title Contact email Contact phone Brian Lamers Treasurer (608) 848-9949blamers@veronawi.gov Brian Lamers Finance Director (608) 848-9949blamers@veronawi.gov Submission Information Co-muni code TID number Submission date Confirmation Submission type 13286 008 05-07-2026 11:15 AM TIDAR20250395O1774619793455 ORIGINAL Page of 4 4 BUILDING COMMUNITIES. IT’S WHAT WE DO. June 1, 2026 ANNUAL TAX INCREMENTAL DISTRICT REPORT FOR: City of Verona, WI Tax Incremental District No. 9 Prepared by: Ehlers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 Annual Tax Incremental District Report City of Verona, Wisconsin Tax Increment al District No. 9 Purpose: State law requires municipalities with an active Tax Incremental District (TID) to electronically file an Annual Report for each TID by July 1 of each calendar year. This is a summary of that filing to be used at the annually required meeting of the standing Joint Review Board. District Summary: Tax Incremental District No. 9 (“District”) was created on September 25, 2017, as a blighted area district. In 2021 the district was amended to add territory, and to amend the list of Project Costs to be undertaken. The District has an expenditure period that ends on September 25, 2039, and a mandatory termination date of September 25, 2044. Background Data: Base Value Incremental Value (as of January 1, 2025) Year End Fund Balance (2025)* Projected Closure (based on current cash flow**) $7,576,200 $91,982,000 $553,714 2033 * Preliminary, unaudited. ** The City expects to make additional projects costs through the end of the District’s expenditure period. The projected closure year identified is based on current cash flow projections only. Notes: The District was created to pay the cost of public infrastructure and development incentives for the Sugar Creek Commons project, a planned nine-acre mixed use development located at the southwest corner of West Verona Avenue and Legion Street. Buildings B and C, consisting of first floor commercial space with market rate apartments on the second, third and fourth floors, were completed in 2022. Building D, which includes 141 market rate apartments, was completed in 2023. Page 1 In 2020, the City issued a Request for Proposals for redevelopment of 420 Church Avenue, the site of Sugar Creek Elementary and New Century Charter Schools which relocated to other facilities. In June of 2020 the Common Council directed staff to work with Steve Brown Apartments and the Alexander Company to implement their redevelopment proposal which received General Development Plan approval in October of 2020. Construction of the market rate component, the “Mill District” was completed by Steve Brown Apartments in 2023 and includes 132 apartment units and approximately 10,000 square feet of commercial space. The Alexander Company constructed the affordable component, “Schoolhouse Yards” which includes 101 apartments and was also completed in 2023. The redevelopment site located generally to the southeast of the intersection of West Verona Avenue and Legion Street was added to the District in 2021. In 2020 the City also received a proposal from Northpointe Development Corporation to redevelop the Klassik Tavern and Old National Bank sites located at 410 and 420 W. Verona Avenue. The project, “The Klassik Apartments,” includes a single three story, 63-unit apartment building with an underground parking garage and a mixture of residential units and commercial space on the first floor. The project was completed in 2023. Joint Review Board Action: Resolution acknowledging filing of Annual TID Report and compliance with annual meeting requirements. Attachments: • TID Boundary Map • TID Cash Flow Projection (Detail) • State Submittal (DOR Form PE -300) Page 2 060816498602 A N D BC E F G HI J K L M Church Avenue Mark Drive West Verona Avenue South Main Street Edward Street Legion Street Church Avenue Park Lane Plympton Street South Marietta Street Rita Avenue South Shuman Street South Nine Mound Road Barbara Street Topp Avenue Westlawn Avenue Berkley Road Todd Street Industrial Drive West Railroad Street Grove Avenue North Main Street Depot Drive North Shuman Street Todd Street Park Lane ² 1/15/2021 City of VERONA Proposed TID 9 Expansion 0 400200 Feet Legend Parcels District #9 District #9 expanded Id. Parcel Number A 0608-153-6726-9 B 0608-153-6738-5 C 0608-153-6780-3 D 0608-153-7495-7 E 0608-153-7684-8 F 0608-153-9310-5 G 0608-153-9415-9 H 0608-153-9430-0 I 0608-153-9365-0 J 0608-153-9375-8 K 0608-153-9395-4 L 0608-153-9405-1 M 0608-153-6811-5 N 0608-153-7481-3 . Page 3 Actual1 Annual Total 1 2017 181,800 181,800 2017 1 2 2018 218,100 218,100 2018 2 3 2019 199,300 199,300 2019 3 4 2020 365,100 365,100 2020 4 5 2021 5,830,000 5,830,000 2021 5 6 2022 30,932,500 30,932,500 2022 6 7 2023 50,329,700 50,329,700 2023 7 8 2024 3,925,500 3,925,500 2024 8 9 2025 0 2025 9 10 2026 0 2026 10 11 2027 0 2027 11 12 2028 0 2028 12 13 2029 0 2029 13 14 2030 0 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 21 2037 0 2037 21 22 2038 0 2038 22 23 2039 0 2039 23 24 2040 0 2040 24 25 2041 0 2041 25 26 2042 0 2042 26 27 2043 0 2043 27 Totals 91,982,000 0 0 0 0 91,982,000 Notes: 1Actual incremental value per Wisconsin Department of Revenue. Construction Year Construction Year City of Verona, WI Tax Increment District #9 Development Assumptions 4/28/2026 Page 4 Type of District Base Value 7,576,200 District Creation Date Appreciation Factor 0.00% Valuation Date Jan 1, 2017 Base Tax Rate $17.73 Max Life (Years) Rate Adjustment Factor 0.00% Expenditure Period/Termination 22 9/25/2039 Revenue Periods/Final Year 27 2045 Extension Eligibility/Years Yes 3 Recipient District Construction Year Value Added Valuation Year Inflation Increment Total Increment Revenue Year Tax Rate 1 Tax Increment 1 2017 181,800 2018 181,800 2019 $21.67 3,939 2 2018 218,100 2019 399,900 2020 $21.25 8,497 3 2019 199,300 2020 599,200 2021 $21.12 12,654 4 2020 365,100 2021 964,300 2022 $21.06 20,310 5 2021 5,830,000 2022 6,794,300 2023 $19.08 129,604 6 2022 30,932,500 2023 37,726,800 2024 $18.59 701,494 7 2023 50,329,700 2024 88,056,500 2025 $18.28 1,609,521 8 2024 3,925,500 2025 91,982,000 2026 $17.73 1,630,950 9 2025 0 2026 0 91,982,000 2027 $17.73 1,630,950 10 2026 0 2027 0 91,982,000 2028 $17.73 1,630,950 11 2027 0 2028 0 91,982,000 2029 $17.73 1,630,950 12 2028 0 2029 0 91,982,000 2030 $17.73 1,630,950 13 2029 0 2030 0 91,982,000 2031 $17.73 1,630,950 14 2030 0 2031 0 91,982,000 2032 $17.73 1,630,950 15 2031 0 2032 0 91,982,000 2033 $17.73 1,630,950 16 2032 0 2033 0 91,982,000 2034 $17.73 1,630,950 17 2033 0 2034 0 91,982,000 2035 $17.73 1,630,950 18 2034 0 2035 0 91,982,000 2036 $17.73 1,630,950 19 2035 0 2036 0 91,982,000 2037 $17.73 1,630,950 20 2036 0 2037 0 91,982,000 2038 $17.73 1,630,950 21 2037 0 2038 0 91,982,000 2039 $17.73 1,630,950 22 2038 0 2039 0 91,982,000 2040 $17.73 1,630,950 23 2039 0 2040 0 91,982,000 2041 $17.73 1,630,950 24 2040 0 2041 0 91,982,000 2042 $17.73 1,630,950 25 2041 0 2042 0 91,982,000 2043 $17.73 1,630,950 26 2042 0 2043 0 91,982,000 2044 $17.73 1,630,950 27 2043 0 2044 0 91,982,000 2045 $17.73 1,630,950 Totals 91,982,000 0 Future Value of Increment 35,105,027 Notes: 1Rate shown for the 2026 and preceding revenue years are actual per DOR Form PC-202. City of Verona, WI Tax Increment District #9 Tax Increment Projection Worksheet Blighted Area September 25, 2017 27 Yes 4/28/2026 Page 5 City of Verona, WI Tax Increment District #9 Cash Flow Projection1 Year Intergov. Revenue 2023 G.O. Note 2024 G.O. Note 2025 G.O. Note Art House Remodel Year 2017 0 22,848 22,848 (22,848) (22,848) 2017 2018 0 4,808 4,808 (4,808) (27,657) 2018 2019 3,939 3,939 10,931 10,931 (6,992) (34,649) 2019 2020 8,497 8,497 2,970 2,970 5,527 (29,122) 2020 2021 12,654 12,654 30,023 30,023 (17,369) (46,491) 2021 2022 20,310 20,310 12,537 12,537 7,773 (38,718) 2022 2023 129,604 25,544 1,829,654 1,984,802 11,805 1,496,505 42,248 13,625 1,564,183 420,619 381,901 12,461,544 2023 2024 701,494 57,153 1,183,379 452,535 2,394,560 285,387 53,355 125,247 12,859 96,336 301,074 506,249 1,293,239 23,141 18,216 2,715,103 (320,542) 61,359 13,083,747 2024 2025 1,609,521 21,875 2,137 875,333 2,508,866 210,900 150,163 100,585 245,440 33,116 248,094 984,741 29,544 13,928 2,016,511 492,355 553,714 12,231,512 2025 2026 1,630,950 36,000 2,137 1,669,087 204,375 145,250 133,631 103,260 251,984 33,998 254,700 200,000 5,000 1,332,198 336,889 890,603 11,252,569 2026 2027 1,630,950 2,137 1,633,087 202,000 145,125 108,425 100,585 254,504 34,338 257,247 164,000 5,000 1,271,225 361,863 1,252,465 10,275,894 2027 2028 1,630,950 2,137 1,633,087 204,250 139,875 99,800 100,585 257,049 34,681 259,820 5,000 1,101,061 532,027 1,784,492 9,288,759 2028 2029 1,630,950 2,137 1,633,087 201,125 139,500 96,300 100,585 259,620 35,028 262,418 5,000 1,099,576 533,511 2,318,004 8,286,108 2029 2030 1,630,950 2,137 1,633,087 207,500 138,875 97,675 100,585 262,216 35,378 265,042 5,000 1,112,272 520,816 2,838,819 7,252,886 2030 2031 1,630,950 2,137 1,633,087 204,300 138,000 98,800 100,585 264,838 35,732 267,693 5,000 1,114,948 518,139 3,356,959 6,199,038 2031 2032 1,630,950 2,137 1,633,087 201,800 137,500 99,675 100,585 267,486 36,089 270,370 5,000 1,118,506 514,582 3,871,540 5,124,507 2032 2033 1,630,950 2,137 1,633,087 204,000 132,500 95,425 100,585 270,161 36,450 273,073 5,000 1,117,195 515,892 4,387,433 4,034,237 2033 2034 1,630,950 2,137 1,633,087 127,500 96,050 100,585 272,863 36,815 275,804 5,000 914,617 718,470 5,105,903 3,133,170 2034 2035 1,630,950 2,137 1,633,087 96,900 100,585 275,591 37,183 278,562 5,000 793,822 839,266 5,945,168 2,346,248 2035 2036 1,630,950 2,137 1,633,087 100,585 278,347 37,555 281,348 5,000 702,835 930,252 6,875,421 1,648,413 2036 2037 1,630,950 2,137 1,633,087 100,585 281,131 37,930 284,161 5,000 708,808 924,280 7,799,700 944,605 2037 2038 1,630,950 2,137 1,633,087 100,585 283,942 38,310 287,003 5,000 714,840 918,247 8,717,948 234,765 2038 2039 1,630,950 2,137 1,633,087 100,586 222,378 14,537 102,513 5,000 445,014 1,188,073 9,906,021 609,751 2039 2040 1,630,950 2,137 1,633,087 100,586000 5,000 105,586 1,527,502 11,433,523 509,165 2040 2041 1,630,950 2,137 1,633,087 100,586 5,000 105,586 1,527,502 12,961,025 408,580 2041 2042 1,630,950 2,137 1,633,087 100,586 5,000 105,586 1,527,502 14,488,527 307,994 2042 2043 1,630,950 2,137 1,633,087 100,586 5,000 105,586 1,527,502 16,016,028 207,408 2043 2044 1,630,950 2,137 1,633,087 100,586 5,000 105,586 1,527,502 17,543,530 106,823 2044 2045 1,630,950 2,137 1,633,087 106,823 15,000 121,823 1,511,265 19,054,795 (0) 2045 END OF TID LIFE TOTAL 35,105,027 140,572 44,877 3,888,366 452,535 39,631,377 2,125,637 1,394,288 1,022,681 2,174,562 4,084,603 530,000 3,964,184 1,485,815 2,0 02,754 164,000 1,293,239 94,933 239,887 20,576,582 Total Notes: 1Revenues, expenditures and fund balances shown through December 31, 2024 are actual, per the City's audited financial statements. 2MRO payments equal to 90% of the tax increment generated up to a maximum payment total of $2,238,159. 316.4% of total cost to improve intersection. Projected TID Closure Verona Ave./Rita/ Legion Intersection Total Expenditures Debt Principal & Incentives OutstandingAdmin. Finance Related Expense Development Incentives Mill District Apartments MRO Century School Park Projected Revenues Tax Increments Interest Earnings/ (Cost) Proceeds From Long Term Debt Other Grants Total Revenues Debt Service Balances Annual Cumulative Expenditures Schoolhouse Yards Apartments MRO Contribution to Verona/ Main St. Intersection3 Public Infrastructure SBA Inf. MRO Klassik Apartments MRO2 END OF EXP. PERIOD 4/28/2026 Page 6 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 1 – Municipality and TID Co-muni code Municipality County Due date Report type TID number TID type TID name Creation date Mandatory termination date Anticipated termination date Section 2 – Beginning Balance Amount TID fund balance at beginning of year 13286 VERONA DANE 07/01/2026 ORIGINAL 009 2 N/A 09/25/2017 09/25/2044 01/01/2033 $61,359 Section 3 – Revenue Amount Tax increment Investment income Debt proceeds Special assessments Shared revenue Sale of property Allocation from another TID $1,609,521 $21,875 $815,000 TID number Developer guarantees Developer name Transfer from other funds Source Grants Source $0 Other revenue Source Premium on Debt $60,333 Source Personal Property Aid $2,137 Total Revenue (deposits) $2,508,866 Page of 1 4 Page 7 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 4 – Expenditures Amount Capital expenditures Administration Professional services Interest and fiscal charges DOR fees Discount on long-term debt Debt issuance costs Principal on long-term debt Environmental costs Real property assembly costs Allocation to another TID $984,741 $7,757 $6,171 $136,063 $29,544 $225,000 TID number Developer grants Developer name Verona Affordable Housing LLC $245,440 Developer name Verona Schoolyard Apartments LLC $33,116 Developer name Verona Schoolyard Development LLC $248,094 Developer name Klassik -Verona LLC $100,585 Transfer to other funds Fund Other expenditures Name Total Expenditures $2,016,511 Section 5 – Ending Balance Amount TID fund balance at end of year Future costs Future revenue Surplus or deficit $553,714 $14,196,667 $32,697,749 $19,054,796 Page of 2 4 Page 8 WI Dept of Revenue TID Annual Report Form PE-300 2025 Current Year TID New Construction Values TID TID New Construction Increase TID New Construction Decrease Prior Year Correction TID Net New Construction (NNC) Section 6 – TID New Construction 008 $39,068,200 $0 $210,900 $39,279,100 009 $980,400 $0 $118,000 $1,098,400 010 $0 $0 $0 $0 011 $60,652,200 $0 $0 $60,652,200 Total $100,700,800 $0 $328,900 $101,029,700 Current Year Allowable Levy Increase Attributable to TID NNC TID TID Net New Construction Prior Year Municipal Equalized Value TID Net New Construction % Prior Year Adjusted Actual Levy Allowable Levy Increase Attributable to TID Net New Construction 008 $39,279,100 $4,261,182,200 0.92 $16,769,567 $154,280 009 $1,098,400 $4,261,182,200 0.03 $16,769,567 $5,031 010 $0 $4,261,182,200 0.00 $16,769,567 $0 011 $60,652,200 $4,261,182,200 1.42 $16,769,567 $238,128 Total $101,029,700 $4,261,182,200 2.37 $16,769,567 $397,439 Current Year Actual TID NNC Impact to Municipal Levy Levy Increase Attributable to TID Net New Construction Increase per $100,000 $397,439 $3.97439 Historical Allowable Levy Increase Attributable to TID NNC Year TID TID Net New Construction TID Net New Construction % Allowable Levy Increase Attributable to TID Net New Construction Prior Year Adjusted Actual Levy Prior Year Municipal Equalized Value 2024 008 $69,680,200 $3,988,131,200 1.75 $15,800,105 $276,502 2024 009 $36,690,300 $3,988,131,200 0.92 $15,800,105 $145,361 2024 010 $0 $3,988,131,200 0.00 $15,800,105 $0 2024 Total $106,370,500 $3,988,131,200 2.67 $15,800,105 $421,863 2023 004 $2,600 $3,629,798,500 0.00 $15,207,168 $0 2023 008 $22,238,500 $3,629,798,500 0.61 $15,207,168 $92,764 2023 009 $29,531,600 $3,629,798,500 0.81 $15,207,168 $123,178 2023 010 $0 $3,629,798,500 0.00 $15,207,168 $0 2023 Total $51,772,700 $3,629,798,500 1.42 $15,207,168 $215,942 Page of 3 4 Page 9 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 7 – Preparer/Contact Information Preparer name Preparer title Preparer email Preparer phone Contact name Contact title Contact email Contact phone Brian Lamers Treasurer (608) 848-9949blamers@veronawi.gov Brian Lamers Finance Director (608) 848-9949blamers@veronawi.gov Submission Information Co-muni code TID number Submission date Confirmation Submission type 13286 009 04-28-2026 09:25 AM TIDAR20250395O1774621031851 ORIGINAL Page of 4 4 Page 10 BUILDING COMMUNITIES. IT’S WHAT WE DO. June 1, 2026 ANNUAL TAX INCREMENTAL DISTRICT REPORT FOR: City of Verona, WI Tax Incremental District No. 10 Prepared by: Ehl ers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 Annual Tax Incremental District Report City of Verona, Wisconsin Tax Increment al District No. 10 Purpose: State law requires municipalities with an active Tax Incremental District (TID) to electronically file an Annual Report for each TID by July 1 of each calendar year. This is a summary of that filing to be used at the annually required meeting of the standing Joint Review Board. District Summary: Tax Incremental District No. 10 (“District”) was created on October 28, 2019, as an industrial district. The District has an expenditure period that ends on October 28, 2035, and a mandatory termination date of October 28, 2040. Background Data: Base Value Incremental Value (as of January 1, 2025) Year End Fund Balance (2025)* Projected Closure (based on current cash flow**) $1,795,300 $7,3 90,700 $58 ,035 2032 * Preliminary, unaudited. ** The City expects to make additional projects costs through the end of the District’s expenditure period. The projected closure year identified is based on current cash flow projections only. Notes: The District was created to pay the cost of development incentives and public infrastructure related to construction of the ACS headquarters facility in the Liberty Business Park. Joint Review Board Action: Resolution acknowledging filing of Annual TID Report and compliance with annual meeting requirements. Attachments: • TID Boundary Map • TID Cash Flow Projection (Detail) • State Submittal (DOR Form PE -300) Page 1 Tax Key #060823400482 Printed: 8/15/2019 Whalen Road County Highway M U.S. Highway 18/151Old County Highway PB Clarity Street Liberty Drive Laser Street City of VERONA M:\Projects\Economic Development\TIDs\TID 10\TID 10 Boundary Map.mxd 0 600300 Feet ® Proposed TID #10 Boundary Map Boundaries Proposed TID 10 Boundary TID 6 - Expenditure Period Exp. May 2018 City of Verona Liberty Business Park Lot Lines Road Centerlines Page 2 Actual1 Annual Total 1 2020 6,442,000 6,442,000 2020 1 2 2021 373,000 373,000 2021 2 3 2022 1,427,500 1,427,500 2022 3 4 2023 (1,341,200) (1,341,200) 2023 4 5 2024 489,400 489,400 2024 5 6 2025 0 2025 6 7 2026 0 2026 7 8 2027 0 2027 8 9 2028 0 2028 9 10 2029 0 2029 10 11 2030 0 2030 11 12 2031 0 2031 12 13 2032 0 2032 13 14 2033 0 2033 14 15 2034 0 2034 15 16 2035 0 2035 16 17 2036 0 2036 17 18 2037 0 2037 18 19 2038 0 2038 19 20 2039 0 2039 20 Totals 7,390,700 0 0 0 0 7,390,700 Notes: 1Actual incremental value per Wisconsin Department of Revenue. City of Verona Tax Increment District #10 Development Assumptions Construction Year Construction Year Page 3 Type of District Base Value 1,795,300 District Creation Date Appreciation Factor 0.00% Valuation Date Jan 1, 2020 Base Tax Rate $17.73 Max Life (Years) Rate Adjustment Factor Expenditure Period/Termination 15 10/28/20235 Revenue Periods/Final Year 20 2041 Extension Eligibility/Years Yes 3 Eligible Recipient District Construction Year Value Added Valuation Year Inflation Increment Total Increment Revenue Year Tax Rate Ta x Increment 1 2020 6,442,000 2021 6,442,000 2022 $21.06 135,679 2 2021 373,000 2022 6,815,000 2023 $19.08 129,999 3 2022 1,427,500 2023 8,242,500 2024 $18.59 153,261 4 2023 (1,341,200) 2024 6,901,300 2025 $18.28 126,144 5 2024 489,400 2025 7,390,700 2026 $17.73 131,046 6 2025 0 2026 0 7,390,700 2027 $17.73 131,046 7 2026 0 2027 0 7,390,700 2028 $17.73 131,046 8 2027 0 2028 0 7,390,700 2029 $17.73 131,046 9 2028 0 2029 0 7,390,700 2030 $17.73 131,046 10 2029 0 2030 0 7,390,700 2031 $17.73 131,046 11 2030 0 2031 0 7,390,700 2032 $17.73 131,046 12 2031 0 2032 0 7,390,700 2033 $17.73 131,046 13 2032 0 2033 0 7,390,700 2034 $17.73 131,046 14 2033 0 2034 0 7,390,700 2035 $17.73 131,046 15 2034 0 2035 0 7,390,700 2036 $17.73 131,046 16 2035 0 2036 0 7,390,700 2037 $17.73 131,046 17 2036 0 2037 0 7,390,700 2038 $17.73 131,046 18 2037 0 2038 0 7,390,700 2039 $17.73 131,046 19 2038 0 2039 0 7,390,700 2040 $17.73 131,046 20 2039 0 2040 0 7,390,700 2041 $17.73 131,046 Totals 7,390,700 0 Future Value of Increment 2,641,818 Notes: 1Rate shown for the 2026 and preceding revenue years are actual per DOR Form PC-202. 20 No City of Verona Tax Increment District #10 Tax Increment Projection Worksheet Industrial October 28, 2019 Page 4 City of Verona Tax Increment District #10 Cash Flow Projection Year 90% Year 2019 13,400 13,400 (13,400) (13,400) 2019 2020 0 2,600 2,600 (2,600) (16,000) 800,000 2020 2021 0 992 992 (992) (16,992) 800,000 2021 2022 135,679 694 136,373 105,119 3,296 108,415 27,958 10,966 694,881 2022 2023 129,999 5,021 135,020 116,999 4,508 121,507 13,513 24,479 577,882 2023 2024 153,261 1,328 154,589 137,936 4,639 142,575 12,014 36,493 439,946 2024 2025 126,144 5,570 10,862 142,576 113,529 7,505 121,034 21,541 58,035 326,416 2025 2026 131,046 3,000 10,862 144,908 117,941 3,100 121,041 23,867 81,901 208,475 2026 2027 131,046 3,500 10,862 145,408 117,941 7,500 125,441 19,967 101,868 90,534 2027 2028 131,046 4,000 10,862 145,908 90,534 7,500 98,034 47,874 149,742 0 2028 2029 131,046 4,500 10,862 146,408 7,500 7,500 138,908 288,650 0 2029 2030 131,046 5,000 10,862 146,908 7,500 7,500 139,408 428,058 0 2030 2031 131,046 5,500 10,862 147,408 7,500 7,500 139,908 567,966 0 2031 2032 131,046 6,500 10,862 148,408 650,000 29,400 679,400 (530,992) 36,974 0 2032 2033 131,046 10,862 141,908 0 141,908 178,881 0 2033 2034 131,046 10,862 141,908 0 141,908 320,789 2034 2035 131,046 10,862 141,908 0 141,908 462,697 2035 2036 131,046 10,862 141,908 0 141,908 604,605 2036 2037 131,046 10,862 141,908 0 141,908 746,513 2037 2038 131,046 10,862 141,908 0 141,908 888,421 2038 2039 131,046 10,862 141,908 0 141,908 1,030,329 2039 2040 131,046 10,862 141,908 0 141,908 1,172,237 2040 2041 131,046 10,862 141,908 0 141,908 1,314,145 2041 Total 2,641,818 44,613 184,654 2,871,085 800,000 650,000 106,940 1,556,940 Total Notes: 1MRO annual payments equal to 90% of tax increment collected, net of any amounts needed to repay advances due to District, with a maximum payment of $800,000. 2To the extent traffic signals are warranted, the City plans to use any residual available funds to pay the cost of that installation in part or in full. Interest Earnings Projected Revenues Expenditures Balances Municipal Revenue Obligation1 @ Contribution to Traffic Light Debt Service2 Tax Increments Intergov. Revenue Total Revenues Projected TID Closure Admin. Total Expenditures Annual Cumulative MRO Principal Outstanding Page 5 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 1 – Municipality and TID Co-muni code Municipality County Due date Report type TID number TID type TID name Creation date Mandatory termination date Anticipated termination date Section 2 – Beginning Balance Amount TID fund balance at beginning of year 13286 VERONA DANE 07/01/2026 ORIGINAL 010 5 NA 10/28/2019 10/28/2040 01/01/2032 $36,493 Section 3 – Revenue Amount Tax increment Investment income Debt proceeds Special assessments Shared revenue Sale of property Allocation from another TID $126,144 $5,570 TID number Developer guarantees Developer name Transfer from other funds Source Grants Source Other revenue Source Person Property Tax Aid $10,862 Total Revenue (deposits) $142,576 Page of 1 4 Page 6 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 4 – Expenditures Amount Capital expenditures Administration Professional services Interest and fiscal charges DOR fees Discount on long-term debt Debt issuance costs Principal on long-term debt Environmental costs Real property assembly costs Allocation to another TID $5,162 $2,343 TID number Developer grants Developer name ACS Holdings LLC $113,529 Transfer to other funds Fund Other expenditures Name Total Expenditures $121,034 Section 5 – Ending Balance Amount TID fund balance at end of year Future costs Future revenue Surplus or deficit $58,035 $1,046,416 $2,302,527 $1,314,146 Page of 2 4 Page 7 WI Dept of Revenue TID Annual Report Form PE-300 2025 Current Year TID New Construction Values TID TID New Construction Increase TID New Construction Decrease Prior Year Correction TID Net New Construction (NNC) Section 6 – TID New Construction 008 $39,068,200 $0 $210,900 $39,279,100 009 $980,400 $0 $118,000 $1,098,400 010 $0 $0 $0 $0 011 $60,652,200 $0 $0 $60,652,200 Total $100,700,800 $0 $328,900 $101,029,700 Current Year Allowable Levy Increase Attributable to TID NNC TID TID Net New Construction Prior Year Municipal Equalized Value TID Net New Construction % Prior Year Adjusted Actual Levy Allowable Levy Increase Attributable to TID Net New Construction 008 $39,279,100 $4,261,182,200 0.92 $16,769,567 $154,280 009 $1,098,400 $4,261,182,200 0.03 $16,769,567 $5,031 010 $0 $4,261,182,200 0.00 $16,769,567 $0 011 $60,652,200 $4,261,182,200 1.42 $16,769,567 $238,128 Total $101,029,700 $4,261,182,200 2.37 $16,769,567 $397,439 Current Year Actual TID NNC Impact to Municipal Levy Levy Increase Attributable to TID Net New Construction Increase per $100,000 $397,439 $3.97439 Historical Allowable Levy Increase Attributable to TID NNC Year TID TID Net New Construction TID Net New Construction % Allowable Levy Increase Attributable to TID Net New Construction Prior Year Adjusted Actual Levy Prior Year Municipal Equalized Value 2024 008 $69,680,200 $3,988,131,200 1.75 $15,800,105 $276,502 2024 009 $36,690,300 $3,988,131,200 0.92 $15,800,105 $145,361 2024 010 $0 $3,988,131,200 0.00 $15,800,105 $0 2024 Total $106,370,500 $3,988,131,200 2.67 $15,800,105 $421,863 2023 004 $2,600 $3,629,798,500 0.00 $15,207,168 $0 2023 008 $22,238,500 $3,629,798,500 0.61 $15,207,168 $92,764 2023 009 $29,531,600 $3,629,798,500 0.81 $15,207,168 $123,178 2023 010 $0 $3,629,798,500 0.00 $15,207,168 $0 2023 Total $51,772,700 $3,629,798,500 1.42 $15,207,168 $215,942 Page of 3 4 Page 8 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 7 – Preparer/Contact Information Preparer name Preparer title Preparer email Preparer phone Contact name Contact title Contact email Contact phone Brian Lamers Treasurer (608) 848-9949blamers@veronawi.gov Brian Lamers Finance Director (608) 848-9949blamers@veronawi.gov Submission Information Co-muni code TID number Submission date Confirmation Submission type 13286 010 04-28-2026 09:28 AM TIDAR20250395O1774620096113 ORIGINAL Page of 4 4 Page 9 BUILDING COMMUNITIES. IT’S WHAT WE DO. June 1, 2026 ANNUAL TAX INCREMENTAL DISTRICT REPORT FOR: City of Verona, WI Tax Incremental District No. 11 Prepared by: Ehlers N19W24400 Riverwood Drive, Suite 100 Waukesha, WI 53188 Annual Tax Incremental District Report City of Verona, Wisconsin Tax Increment al District No. 11 Purpose: State law requires municipalities with an active Tax Incremental District (TID) to electronically file an Annual Report for each TID by July 1 of each calendar year. This is a summary of that filing to be used at the annually required meeting of the standing Joint Review Board. District Summary: Tax Incremental District No. 11 (“District”) was created on July 22, 2024, as an industrial district. The District has an expenditure period that ends on October 28, 2035, and a mandatory termination date of October 28, 2040. Background Data: Base Value Incremental Value (as of January 1, 2025) Year End Fund Balance (2025)* Projected Closure (based on current cash flow**) $12,656,600 $65,333,700 $539,488 2031 * Preliminary, unaudited. ** The City expects to make additional projects costs through the end of the District’s expenditure period. The projected closure year identified is based on current cash flow projections only. Notes: Created to facilitate Epic System’s construction of additional office facilities on an undeveloped portion of the campus, the District will reimburse Epic for a portion of the costs of road improvement projects they are funding jointly with the Wisconsin Department of Transportation which will improve access to the Verona campus and address City traffic and infrastructure needs. The District will also fund other various public infrastructure projects that the City will or may need to undertake to support Epic’s continued expansion. Page 1 Joint Review Board Action: Resolution acknowledging filing of Annual TID Report and compliance with annual meeting requirements. Attachments: • TID Boundary Map • TID Cash Flow Projection (Detail) • State Submittal (DOR Form PE -300) Page 2 Page 3 Actual Annual Total 1 2024 65,333,700 65,333,700 2024 1 2 2025 181,066,300 181,066,300 2025 2 3 2026 110,800,000 110,800,000 2026 3 4 2027 73,200,000 73,200,000 2027 4 5 2028 64,400,000 64,400,000 2028 5 6 2029 0 2029 6 7 2030 0 2030 7 8 2031 0 2031 8 9 2032 0 2032 9 10 2033 0 2033 10 11 2034 0 2034 11 12 2035 0 2035 12 13 2036 0 2036 13 14 2037 0 2037 14 15 2038 0 2038 15 16 2039 0 2039 16 17 2040 0 2040 17 18 2041 0 2041 18 19 2042 0 2042 19 20 2043 0 2043 20 Totals 65,333,700 429,466,300 0 0 494,800,000 Notes: 1Assumed valuations and timing of construction taken from email sent by Andy Pascaly of Epic dated 5-16-2024. This exhibit 1only includes construction through the expected life of the District. Additional construction and investment within the area 1to be included in the District will continue after its its closure. Construction Year Construction Year City of Verona, Wisconsin Tax Increment District No. 11 Development Assumptions Epic Campus Expansion1 Verona TID No. 11_2026-4-22.xlsx Prepared 4/28/2026 Page 4 Type of District Base Value 12,656,600 District Creation Date Economic Change Factor 0.00% Valuation Date Jan 1, 2024 Apply to Base Value Max Life (Years) Base Tax Rate $17.73 Expenditure Period/Termination 15 7/ 22/2039 Rate Adjustment Factor 0.00% Revenue Periods/Final Year 20 2045 Extension Eligibility/Years Yes 3 Eligible Recipient District Construction Year Value Added Valuation Year Economic Change Total Increment Revenue Year Tax Rate 1 Tax Increment 1 2024 65,333,700 2025 0 65,333,700 2026 $17.73 1,158,444 2 2025 181,066,300 2026 0 246,400,000 2027 $17.73 4,368,966 3 2026 110,800,000 2027 0 357,200,000 2028 $17.73 6,333,582 4 2027 73,200,000 2028 0 430,400,000 2029 $17.73 7,631,505 5 2028 64,400,000 2029 0 494,800,000 2030 $17.73 8,773,393 6 2029 0 2030 0 494,800,000 2031 $17.73 8,773,393 7 2030 0 2031 0 494,800,000 2032 $17.73 8,773,393 8 2031 0 2032 0 494,800,000 2033 $17.73 8,773,393 9 2032 0 2033 0 494,800,000 2034 $17.73 8,773,393 10 2033 0 2034 0 494,800,000 2035 $17.73 8,773,393 11 2034 0 2035 0 494,800,000 2036 $17.73 8,773,393 12 2035 0 2036 0 494,800,000 2037 $17.73 8,773,393 13 2036 0 2037 0 494,800,000 2038 $17.73 8,773,393 14 2037 0 2038 0 494,800,000 2039 $17.73 8,773,393 15 2038 0 2039 0 494,800,000 2040 $17.73 8,773,393 16 2039 0 2040 0 494,800,000 2041 $17.73 8,773,393 17 2040 0 2041 0 494,800,000 2042 $17.73 8,773,393 18 2041 0 2042 0 494,800,000 2043 $17.73 8,773,393 19 2042 0 2043 0 494,800,000 2044 $17.73 8,773,393 20 2043 0 2044 0 494,800,000 2045 $17.73 8,773,393 Totals 494,800,000 0 Future Value of Increment 159,866,791 Notes: 1Tax rate shown is actual 2025/26 rate per DOR Form PC-202 (Tax Increment Collection Worksheet). Industrial July 22, 2024 20 No City of Verona, Wisconsin Tax Increment District No. 11 Tax Increment Projection Worksheet Verona TID No. 11_2026-4-22.xlsx Prepared 4/28/2026 Page 5 2025 Notes 2027 Notes EPIC MRO Actual DS Est. DS Year $20,000,000 $545,000 $4,500,000 Year 2024 0 25,285 25,285 (25,285) (25,285) 0 2024 2025 0 9,976 576,373 586,349 19,756 1,820 21,576 564,773 539,488 20,545,000 2025 2026 1,158,444 1,158,444 1,000,000 143,538 220,700 80,500 234,400 7,500 1,686,638 (528,194) 11,294 23,930,000 2026 2027 4,368,966 339 4,500,000 8,869,304 2,000,000 119,000 0 66,800 6,361,062 90,000 7,700 8,644,562 224,742 236,036 21,830,000 2027 2028 6,333,582 7,081 6,340,663 2,500,000 118,875 1,264,700 7,900 3,891,475 2,449,188 2,685,224 18,210,000 2028 2029 7,631,505 80,557 7,712,061 2,750,000 118,500 1,261,500 6,250,000 8,100 10,388,100 (2,676,039) 9,185 14,205,000 2029 2030 8,773,393 276 8,773,669 5,000,000 117,875 1,264,700 8,300 6,390,875 2,382,794 2,391,979 7,895,000 2030 2031 8,773,393 71,759 8,845,153 6,750,000 1,167,900 8,500 7,926,400 918,753 3,310,732 0 2031 2032 8,773,393 99,322 8,872,715 8,800 8,800 8,863,915 12,174,648 0 2032 2033 8,773,393 365,239 9,138,633 9,100 9,100 9,129,533 21,304,180 0 2033 2034 8,773,393 639,125 9,412,519 9,400 9,400 9,403,119 30,707,299 0 2034 2035 8,773,393 921,219 9,694,612 9,700 9,700 9,684,912 40,392,212 0 2035 2036 8,773,393 1,211,766 9,985,160 10,000 10,000 9,975,160 50,367,371 0 2036 2037 8,773,393 1,511,021 10,284,415 10,300 10,300 10,274,115 60,641,486 0 2037 2038 8,773,393 1,819,245 10,592,638 10,600 10,600 10,582,038 71,223,524 0 2038 2039 8,773,393 2,136,706 10,910,099 10,900 10,900 10,899,199 82,122,723 0 2039 2040 8,773,393 2,463,682 11,237,075 11,200 11,200 11,225,875 93,348,598 0 2040 2041 8,773,393 2,800,458 11,573,851 11,500 11,500 11,562,351 104,910,950 0 2041 2042 8,773,393 3,147,328 11,920,722 11,800 11,800 11,908,922 116,819,872 0 2042 2043 8,773,393 3,504,596 12,277,990 12,200 12,200 12,265,790 129,085,661 0 2043 2044 8,773,393 3,872,570 12,645,963 12,600 12,600 12,633,363 141,719,024 0 2044 2045 8,773,393 4,251,571 13,024,964 15,000 15,000 13,009,964 154,728,988 0 2045 Totals 159,866,791 28,913,836 5,076,373 193,857,000 20,000,000 617,788 4,958,800 287,500 12,691,562 234,400 109,756 228,205 39,128,011 Totals Notes: LEGEND: END OF EXP. PERIOD City of Verona, Wisconsin Tax Increment District No. 11 Cash Flow Projection Interest Earnings Tax Increments Proceeds of LT Debt Ongoing Planning & Administration Projected Expenditures Financing Costs Projected Revenues Total Revenues Balances Total Expenditures Liabilities Outstanding PROJECTED CLOSURE YEAR Annual Cumulative Utility Master Planning Sanitary Sewer System Improvements Water System Improvements Verona TID No. 11_2026-4-22.xlsx Prepared 4/28/2026 Page 6 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 1 – Municipality and TID Co-muni code Municipality County Due date Report type TID number TID type TID name Creation date Mandatory termination date Anticipated termination date Section 2 – Beginning Balance Amount TID fund balance at beginning of year 13286 VERONA DANE 07/01/2026 ORIGINAL 011 5 07/22/2024 07/22/2044 01/01/2031 $-25,285 Section 3 – Revenue Amount Tax increment Investment income Debt proceeds Special assessments Shared revenue Sale of property Allocation from another TID $0 $9,976 $545,000 TID number Developer guarantees Developer name Transfer from other funds Source Grants Source Other revenue Source Premium on Debt $31,373 Total Revenue (deposits) $586,349 Page of 1 4 Page 7 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 4 – Expenditures Amount Capital expenditures Administration Professional services Interest and fiscal charges DOR fees Discount on long-term debt Debt issuance costs Principal on long-term debt Environmental costs Real property assembly costs Allocation to another TID $1,820 $19,756 TID number Developer grants Developer name Epic $0 Transfer to other funds Fund Other expenditures Name Total Expenditures $21,576 Section 5 – Ending Balance Amount TID fund balance at end of year Future costs Future revenue Surplus or deficit $539,488 $39,081,150 $193,270,651 $154,728,989 Page of 2 4 Page 8 WI Dept of Revenue TID Annual Report Form PE-300 2025 Current Year TID New Construction Values TID TID New Construction Increase TID New Construction Decrease Prior Year Correction TID Net New Construction (NNC) Section 6 – TID New Construction 008 $39,068,200 $0 $210,900 $39,279,100 009 $980,400 $0 $118,000 $1,098,400 010 $0 $0 $0 $0 011 $60,652,200 $0 $0 $60,652,200 Total $100,700,800 $0 $328,900 $101,029,700 Current Year Allowable Levy Increase Attributable to TID NNC TID TID Net New Construction Prior Year Municipal Equalized Value TID Net New Construction % Prior Year Adjusted Actual Levy Allowable Levy Increase Attributable to TID Net New Construction 008 $39,279,100 $4,261,182,200 0.92 $16,769,567 $154,280 009 $1,098,400 $4,261,182,200 0.03 $16,769,567 $5,031 010 $0 $4,261,182,200 0.00 $16,769,567 $0 011 $60,652,200 $4,261,182,200 1.42 $16,769,567 $238,128 Total $101,029,700 $4,261,182,200 2.37 $16,769,567 $397,439 Current Year Actual TID NNC Impact to Municipal Levy Levy Increase Attributable to TID Net New Construction Increase per $100,000 $397,439 $3.97439 Historical Allowable Levy Increase Attributable to TID NNC Year TID TID Net New Construction TID Net New Construction % Allowable Levy Increase Attributable to TID Net New Construction Prior Year Adjusted Actual Levy Prior Year Municipal Equalized Value 2024 008 $69,680,200 $3,988,131,200 1.75 $15,800,105 $276,502 2024 009 $36,690,300 $3,988,131,200 0.92 $15,800,105 $145,361 2024 010 $0 $3,988,131,200 0.00 $15,800,105 $0 2024 Total $106,370,500 $3,988,131,200 2.67 $15,800,105 $421,863 2023 004 $2,600 $3,629,798,500 0.00 $15,207,168 $0 2023 008 $22,238,500 $3,629,798,500 0.61 $15,207,168 $92,764 2023 009 $29,531,600 $3,629,798,500 0.81 $15,207,168 $123,178 2023 010 $0 $3,629,798,500 0.00 $15,207,168 $0 2023 Total $51,772,700 $3,629,798,500 1.42 $15,207,168 $215,942 Page of 3 4 Page 9 WI Dept of Revenue TID Annual Report Form PE-300 2025 Section 7 – Preparer/Contact Information Preparer name Preparer title Preparer email Preparer phone Contact name Contact title Contact email Contact phone Brian Lamers Treasurer (608) 848-9949blamers@veronawi.gov Brian Lamers Finance Director (608) 848-9949blamers@veronawi.gov Submission Information Co-muni code TID number Submission date Confirmation Submission type 13286 011 04-28-2026 09:31 AM TIDAR20250395O1774620301994 ORIGINAL Page of 4 4 Page 10 JOINT REVIEW BOARD RESOLUTION ACKNOWLEDGING FILING OF ANNUAL REPORTS AND COMPLIANCE WITH ANNUAL MEETING REQUIREMENT CITY OF VERONA WHEREAS, Wis. Stat. § 66.1105(4m)(f) requires the Joint Review Board (“JRB”) meet annually on July 1, or when an annual report under Wis. Stat. § 66.1105 (6m)(c)(intro.) becomes available, to review the annual report and to review the performance and status of each district governed by the JRB; and WHEREAS, the City has filed an annual report with the Wisconsin Department of Revenue for the following districts: Tax Incremental District No. 8 Tax Incremental District No. 9 Tax Incremental District No. 10 Tax Incremental District No. 11; and WHEREAS, copies of the annual reports have been provided to each overlying taxing jurisdiction; and WHEREAS, the JRB met on June 1, 2026, to review the annual report s and the performance and status of each of the districts governed by the JRB. NOW, THEREFORE, BE IT RESOLVED that the City has complied with its reporting requirements under Wis. Stat. § 66.1105(6m)(c)(intro.) and requirement to hold an annual JRB meeting under Wis. Stat. § 66.1105(4m)(f). Passed and adopted this 1st day of June 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 NOTICE OF PUBLIC HEARING AND 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 1, 2026, at 1:00 PM. The meeting will be held in the Large Conference Room at the Verona City Center located at 111 Lincoln Street and is open to the public. The purpose of the meeting is to organize the Joint Review Board for consideration of the City’s proposal to amend Tax Incrementa l District No. 8. The Joint Review Board will also review the annual reports and the performance and status of each Tax Incremental District governed by the Joint Review Board as required by Wis. Stat. § 66.1105(4m)(f). NOTICE IS HEREBY GIVEN that the Plan Commission of the City of Verona will hold a public hearing on June 1, 2026, at 6:30 PM. The meeting will be held in the Council Chambers at the Verona City Center locate d at 111 Lincoln Street. The hearing will be held to provide the public a reasonable opportunity to comment on the proposed amendment to the Project Plan for Tax Incremental District No. 8. Based on the planned use of properties within its boundaries at time of creation, territory within the District was previously identified as suitable for industrial development. Projects to be undertaken within the District and costs to be incurred (Project Costs) will continue to be for the purpose of promoting industrial development and will include intersection improvements, road and utility extensions, construction of a water tower and pump station, payment of cash grants as development incentives to owners, lessees, or developers of land located within the District, professional services and organizational costs, administrative costs, financing costs and other costs as may be necessary to implement the District’s Project Plan. Projects may be undertaken within the D istrict’s proposed boundary and in areas located in the City within ½ mile of that boundary. As permitted under Wisconsin Statutes Section 66.1105(4)(h)1., the list of estimated Project Costs in the current Project Plan would be amended and increased by approximately $27.7 million. All interested parties will be given a re asonable opportunity to comment on the proposed amendment to the District’s Project Plan. A copy of the proposed amendment to the District’s Project Plan, is available for public inspection and will be provided on request during normal business hours at the office of the City Clerk at the Verona City Hall, located at 111 Lincoln St. This information can also be viewed on the City’s website at https://www.ci.verona.wi.us/AgendaCenter. By Order of the City of Verona, Wisconsin Published May 21, 2026 May 14, 2026 Sent via electronic mail Melissa Agard, County Executive Adam Gallagher, County Treasurer Dane County Mayor Luke Diaz, JRB City Member Gary Rockweiler, JRB Public Member Jennifer Berne, President Sylvia Ramirez, Vice President Administration Madison Area Technical College District Tremayne Clardy, District Administrator Chad Wiese, Deputy Superintendent of Business and Operations c/o School Board President Verona Area School District RE: City of Verona Joint Review Board Meeting A meeting to organize a Joint Review Board (“JRB”) for the City’s proposed amendment of Tax Incremental District No. 8 will be held at 1:00 PM on June 1, 2026. This meeting will also serve as the JRB’s required Annual Meeting at which it will review the City’s annual tax increment financing reports, and the performance and status of each district governed by the JRB. The meeting will be held at the Verona City Hall, located at 111 Lincoln St. Board members may also participate virtually. The City will provide a virtual meeting link via a calendar appointment. At this meeting, the JRB will be asked to appoint a chair and public member, and to set an additional meeting date or dates. City staff will also review the draft Project Plan amendment. As a quorum must be achieved for the City to proceed, we would ask that you ensure the availability of your appointee to attend. We’ve attached the following documents: • The draft meeting agenda. • A copy of the legal notice published for the JRB meeting and public hearing. • A draft of the Tax Incremental District No. 8 Project Plan amendment. • A summary report for each of the City’s Tax Incremental Districts which were active in the prior calendar year. • A “Resolution Acknowledging Filing of Annual Report and Compliance with Annual Meeting Requirement.” Joint Review Board - City of Verona«fullclientna me», Wisconsin May 14, 2026 Page 2 At a subsequent meeting the JRB will be asked to approve the resolution to be adopted by the City amending Tax Incremental District No. 8. In considering approval, the JRB will review the public record, planning documents and the resolutions adopted by the City's Plan Commission and City Council. Its decision, by majority vote, must be made within 45 days of receipt of the adopted City Coun cil resolution and is to be based on the following criteria specified in Wis. Stat. § 66.1105(4m)(c)1.: 1. Whether the development expected in the tax incremental district would occur without the use of tax incremental financing. 2. Whether the economic benefits of the tax incremental district, as measured by increased employment, business and personal income and property value, are insufficient to compensate for the cost of the improvements. 3. Whether the benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions. If the JRB does not approve the amendment of the District it must issue a written explanation describing why it fails to meet one or more of these criteria. If you have questions regarding the meeting or attached materials, please contact us at 800-552-1171. Sincerely, EHLERS Todd Taves Senior Municipal Advisor cc: Jill Spilde, Madison Area Technical College 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 Madison Metropolitan Sewerage District Joe Murray, Municipal Advisor, Ehlers Paula Czaplewski, Senior Public Finance Analyst - TIF, Ehlers Annie Mallon, Senior Public Finance Analyst, Ehlers