Advertisement

Wisconsin Municipalities Providing $764M for Foxconn Project

Wisconsin Municipalities Providing $764M for Foxconn Project

October 05, 2017 10:27 AM

RACINE, Wis. (AP) - 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.

Advertisement – Content Continues Below

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.

___

Information from: Milwaukee Journal Sentinel


WDIO

Copyright 2017 The Associated Press. All rights reserved.

Advertisement
Advertisement
Relay Media Amp

Nolan Staying on Swanson Ticket Despite Calls to Step Aside

Former Campaign Manager Joe Radinovich, Others Weigh in on Nolan Staffer Allegations

Duluth Facility First in Minn. to Offer Kids Residential Psychiatric Treatment

Cliffs' CEO Ready for New Leadership in Minnesota

Walker Wants Federal Disaster Declaration for NW Wisconsin

Lake Superior Circle Tour Highway Reopens after Brief Closure

Advertisement