Plans are underway for a new $60 million Madison headquarters for Exact Sciences Corp., a project that could create more than 200 jobs.

University Research Park is heading up the development of the five-story, 140,000 square-foot building deemed Innovation One, in a business park on Madison’s west side. Company officials are working on a agreement that would have Exact Sciences lease the building, said Scott Larrivee, Exact Sciences spokesman.

The project is receiving government support. The Madison Common Council approved a $2.6 million tax-increment-financing loan for it on Tuesday. The loan would help finance the project’s construction costs and would be paid back through the taxes collected on the completed building.

Larrivee said the new building will be the Exact Science’s corporate headquarters, allowing the company to consolidate some departments that are now spread across three locations.

“They’ll have to get the TIF through, then we would work out a lease agreement with them,” Larrivee said. “Mid-to-late summer, we’ll be in more of a groundbreaking mode.” Read the full story here.