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 Development Agreement 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.
The Development Agreement also outlines the County’s commitment to enhancing and sustaining economic and workforce development efforts, programs and opportunities that benefit new and existing businesses.
In 2018, $2.75 million will be allocated to talent recruitment for existing and new employers in the County and promoting advanced manufacturing and trade apprenticeship programs. This includes, $750,000 allocated as part of the budget recently passed by Racine County, as well as $1 million for a trade apprenticeship program that will be funded by the county but reimbursed by the State of Wisconsin and a soon-to-be-announced program providing training resources to benefit Southeastern Wisconsin.
In 2019, 2020 and 2021, subject to County Board appropriation, $1 million will be allocated in support of these programs.
“Foxconn is presenting us with an opportunity to consider how best we can support our existing businesses, as well as those that will come to our community,” said Jenny Trick, Executive Director of the Racine County Economic Development Corporation. “Now is the right time to invest in the programs that will train workers for jobs and connect skilled individuals with opportunities throughout the County.”
The Joint Review Board will consider final approval of the TID Plan on November 29. The Village and County expect to receive final site plans for Area 1 of the project by December 1.