UPDATE: Wisconsin board approves Foxconn contract terms

By  | 
View Map

MADISON, Wis. (AP) -- Wisconsin's economic development board has approved the key provisions of a contract implementing a massive incentive package for a Foxconn Technology Group plant.

Gov. Scott Walker signed a bill in September that provides nearly $3 billion in cash to Foxconn if it invests $10 billion in a new flat-screen factory in Mount Pleasant and employs 13,000 people.

The Wisconsin Economic Development Corporation board voted 8-2 Wednesday to approve the key terms in a contract executing the package. The 15-year deal ties state tax credits to Foxconn's annual job creation numbers and calls for Foxconn to pay back the credits if it fails to meet those benchmarks. The deal also calls for Foxconn CEO Terry Gou to personally guarantee 25 percent of the payback amount.

Walker and Foxconn officials are expected to sign the contract as early as Friday.


MADISON, Wis. (AP) -- Wisconsin's economic development board is set to vote on the key provisions in a contract implementing a $3 billion incentive package for a Foxconn Technology Group plant.

The Wisconsin Economic Development Corporation's board is set to vote during a closed session late Wednesday afternoon. The board will not vote on the contract's actual language but a staff summary of the deal. Approval will authorize WEDC leadership to finalize the deal with the company.

Foxconn is looking to build a massive flat-screen plant in Mount Pleasant. The company has claimed the plant could eventually employ up to 13,000 people.

Gov. Scott Walker signed a $3 billion incentives package for the plant in September. The contract will enact the incentives.



 
The comment sections of our web set are designed for thoughtful, intelligent conversation and debate. We want to hear from the viewers but we are not obligated to post comments we feel inappropriate or violate our guidelines. Here are some of the criteria you should follow when posting comments:

Comments cannot be profane or vulgar. Children and families visit this site. We will delete comments that use profanity or cross the lines of good taste.

We will delete all comments using hate speech. Slurs, stereotypes and violent talk aren’t welcome on our web site.

Comments should not attack other readers personally.

We will delete comments we deem offensive, in bad taste, or out of bounds. We are not obligated to post comments that are rude or insensitive.

We do not edit user-submitted comments.

As a host WEAU 13 News welcomes a wide spectrum of opinions. However, we have a responsibility to all our readers to try to keep our comment section fair and decent. For that reason WEAU 13 News reserves the right to not post or to remove any comment.
powered by Disqus