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Phoenix approves millions of dollars for Exact Sciences expansion

Phoenix is prepared to provide millions in financial incentives to a Wisconsin-based company to grow locally.

Exact Sciences plans to build a 250,000-square-foot facility with lab, office, manufacturing and warehouse space at the northeastern corner of Sky Harbor Circle North and Buckeye Road. 

The company focuses on cancer screening and diagnostics. It has about 190 employees in Phoenix and estimates adding 800. In exchange, Phoenix will pay Exact Sciences $2,000 for each net job that qualifies as "high-wage," up to $1.6 million.

The City Council also approved reimbursing Exact Sciences up to $5 million public infrastructure improvements. According to a council report, a third-party analysis shows a 10-year economic benefit to the city of more than $21 million.

As a senior field correspondent, Christina Estes focuses on stories that impact our economy, your wallet and public policy.