UPDATE: Senate Passes $3 Billion Incentive Package for Foxconn

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Foxconn agreement Wisconn Valley
Terry Gou, founder and CEO of Foxconn Technology Group, explains how he sees Wisconn Valley taking shape. (photo by Matt Binetti) Japan

The Latest on Foxconn

The Senate approved  a $3 billion incentive package on a 20 million square foot manufacturing campus in southeast Wisconsin to lure Foxconn Technology Group to southeast Wisconsin.

The Taiwanese-based company is a contract electronics manufacturer for a variety of industries, but it plans to make LCD screens in Wisconsin.

Read more: Foxconn by the numbers.

The project is expected to produce 10,000 construction jobs, and 3,000 skilled and engineering jobs to the area.  Expected to be five times the size of the Pentagon, the campus for the 20 million square-foot 1,000-acre manufacturing facility has not officially been named. However, the Village of Mount Pleasant hired a project coordinator for the Foxconn project earlier this month. The village also requested that the Racine Water and Wastewater Utility expand and extend water and sewer capacity for an anticipated development.

The estimated cost of the extension and expansion: $20 to $100 million for the water mains and $60 million for the Wastewater Treatment Plant upgrade. The costs are a blend of tax incremental financing district, impact fees, front foot charges and water rates. In addition, the Racine Wastewater Utility has been asked to begin facilities planning studying the future growth in the surrounding villages from a sewer use standpoint, which will cost $150,000.

Here’s the latest: