Mount Pleasant passes “historic” Foxconn Local Development Agreement; now heads to board
MOUNT PLEASANT -- On Monday night, November 27th, the Village of Mount Pleasant finalized its deal with Foxconn more than two weeks after the state officially extended an historic incentives package to the electronics manufacturer.
On November 10th, Gov. Scott Walker and Foxconn Technology Group Chairman Terry Gou signed off on a $3 billion contract for the Taiwanese company to build a massive display screen factory in Mount Pleasant. Now, more incentives could be given to Foxconn at the local level.
Foxconn Local Development Agreement
Only a few citizens were able to view the 34-page document before it was approved Monday night in Mount Pleasant.
"Once again, the board was taking votes on items that were not provided to the public at the public meetings," Kristy Hall said.
"This, to me, seems almost non-participatory of the residents for an agreement that will be over $700 million of taxpayer money tied up for the next 30 years," Gary Feest, village trustee said.
The village's local development agreement with Foxconn received the recommendation of the Community Development Authority, and the village board.
"It's a significant bonding that will have to take place to front the infrastructure for the project," Jonathan Delagrave, Racine County executive said.
Gov. Walker and Gou signed a contract on November 10th that locks the state into providing up to $3 billion in tax incentives if Foxconn invests $10 billion on a new display screen manufacturing factory and campus. The Taiwanese company would also have to hire 13,000 workers to get the full benefit. The plan is to put shovels in the ground in spring 2018.
Foxconn deal signed at SC Johnson in Racine
Foxconn site identified in Mount Pleasant
Foxconn has pledged to have just over 1,000 employees in Wisconsin by the end of next year.
"You expect us to uproot our lives for fair market value?" Joe Janesec said.
The main issue for residents is the impact Foxconn will have on their homes. Around 25 will likely need to be purchased to make way for the site.
"We hope that the village will continue to work with the homeowners to get a fair agreement," Delagrave said.
$60 million will be deposited by December 15th from Foxconn to the village to help purchase land in areas targeted for development. In all, $764 million in TIF-related tax payments will help Foxconn cover roads, wastewater, public safety and other costs.
"This is an historic day," David Degroot, village president said.
The Racine County Board is set to take up this issue at their meeting Tuesday night.