WEDC Board Approves Foxconn Contract, Walker And Foxconn to Sign Deal on Friday
The Wisconsin Economic Development Corporation Board Wednesday approved key provisions of a contract for Taiwanese electronics giant Foxconn to build a huge LCD screen manufacturing facility in Racine County.
The plant is expected to employ up to 13,000 people and Gov. Scott Walker signed a bill in September that provides a $3 billion incentives package for the company to locate here.
The WEDC Board voted 8-2 to approve terms of the contract that would allow execution of the incentives.
The 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 the benchmarks. It also calls for Foxconn CEO Terry Gow to personally guarantee 25 percent of the payback amount.
Walker and Foxconn officials are expected to sign the contract Friday afternoon in Racine.