Foxconn Plant Clears Final Legal Hurdle, Work to Begin

MOUNT PLEASANT, WI — A proposed $10 billion electronics plant has cleared its final legal hurdle Friday as Foxconn executives, along with local and county officials, signed off on the development agreement that officially brings the electronics giant to Racine County.

Foxconn's LCD screen plant will cover more than 1,000 acres east of I-94 in Mount Pleasant. The agreement signed Friday finalizes the county's $768 million incentive package and development agreement.

“I’m certain the future is kind of scary, but I can assure you, we’ve done this before," Foxconn Technology Group executive Louis Woo said Friday in Mount Pleasant.

“This is a major step forward for what will be a truly transformational project, bringing unprecedented private investment to our community, and thousands of new jobs,” said County Executive Jonathan Delagrave in a prepared statement. “The protections and guarantees outlined in this agreement ensure Racine County taxpayers will benefit from this unprecedented development.”

That development agreement, passed by both the Racine County Board and Mount Pleasant Board, outlines the responsibilities of the company, Racine County and the Village of Mount Pleasant, along with key guarantees and protections for local taxpayers, according to county officials.

Under the agreement, Tax Incremental Financing (TIF) revenue, made possible through Foxconn’s $10 billion direct investment, and Foxconn’s upfront cash investment of $60 million and special assessments, will fund all public improvements and development costs.

The agreement also requires that the majority of the 13,000 full-time jobs Foxconn creates in Wisconsin be located in Racine County.

Woo on Friday said the company engaged in “24-7” negotiations with local officials after the state finalized its $3 billion incentive package with Foxconn on Nov 10.

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