Municipalities to provide $764M for Foxconn project
RACINE, Wis. — The municipalities where Foxconn Technology Group plans to build a massive manufacturing plant in southeast Wisconsin are providing $764 million to help complete the project.
The Journal Sentinel reports that officials in Mount Pleasant and Racine County say their contribution will be repaid through taxes generated by the project and no taxes will be raised.
Foxconn intends to build a campus with about 20 million square feet of office space in Mount Pleasant in Racine County. The company announced the location Wednesday after months of negotiations.
The local governments say a special taxing district will be established to repay the $764 million. In the meantime, the municipalities will issue bonds to borrow money to pay for upfront costs. Foxconn says it’s investing $10 billion in the project’s development.
COPYRIGHT 2023 THE ASSOCIATED PRESS. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.