MT. PLEASANT, WI -- A pending Foxconn development here will benefit from $764 million in tax breaks and other incentives, local government officials said today.
The incentive package will be repaid by future taxes from the new campus, and will not result in higher local taxes, they added.
“We are guaranteeing that no one in the village of Mount Pleasant is going to pay $1 more of taxes because of this project,” Alan Marcuvitz, an attorney representing Mt. Pleasant, told local media.
Foxconn plans to build a 20 million sq. ft. flat screen manufacturing plant on a 1,200 acre plot in this town of roughly 26,000 residents 30 miles south of Milwaukee.
Mt. Pleasant and Racine County will finance the $285 million needed in cash -- about $168 million of which is for land acquisition -- to complete the project through long-term municipal bonds. The remainder will be paid via new property taxes generated by Foxconn.