Gov. Scott Walker and Foxconn Technology Group CEO Terry Gou signed a memorandum of understanding Thursday that lays the groundwork for Wisconn Valley, a massive electronics manufacturing facility to be built in southeast Wisconsin.
The plant which will manufacture LCD panels that will go into technology such as an 8k digital microscope.
For the Wisconsin’s part, the state agrees to give Foxconn a $3 billion 15-year incentive package loaded with tax breaks and credits.
And the state has would expand tax increment financing (TIF) limits to allow local municipalities, “To use TIF in innovative ways,” according to the memorandum.
A fact sheet from the state said the plant should be operational by 2020. Walker said Thursday that the investment and facility would indirectly create another 22,000 jobs.
Sources, who wished not to be named, have told Racine County Eye that the project may stretch all the way to Highway KR, between Interstate 94 and Highway H. They also said the project could also dip into Kenosha County.
Without any word on where the facility will end up, Mount Pleasant Village president Dave DeGroot — who attended the event — said he hopes it comes to Mount Pleasant.
“Just to be in the game is amazing. I just have high hopes that things will work out well for us,” he said.
The reason Foxconn chose Wisconsin for the facility was because of the people here and the leader, Walker.
“This my home, my home, Wisconsin,” Gou said.
Gale Klappa, a non-executive Chairman for WEC Energy Group said: “Wisconsin now stands at the epicenter of a high-tech industry that simply does not exist in the United States today.
