Village of Mount Pleasant and Racine County unanimously approve agreement ensuring all development costs and public infrastructure will be funded through Foxconn investments
On the heels of the approval of the State of Wisconsin’s contract with Foxconn, the world’s largest electronics manufacturer, the Mount Pleasant Village Board and the Racine County Board have unanimously approved a
with Foxconn that outlines the responsibilities of the company, Racine County and the Village of Mount Pleasant, along with key guarantees and protections for local taxpayers.
“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. “The protections and guarantees outlined in this agreement ensure Racine County taxpayers will benefit from this unprecedented development.”
Under the agreement, Tax Incremental Financing (TIF) revenue, made possible through Foxconn’s $10 billion direct investment, Foxconn’s upfront cash investment of $60 million and special assessments, will fund all public improvements and development costs.
“This agreement ensures that Foxconn investments fund this project,” said Dave DeGroot, Village of Mount Pleasant President. “We worked hard to protect local taxpayers and capitalize on this once-in-a-generation opportunity.”
The agreement also requires that the majority of the 13,000 full-time jobs Foxconn creates in Wisconsin be located in Racine County.