Officials: Taxpayers Won’t Be Hit For Local Foxconn Costs

Officials say it will cost 764-million dollars to cover utilities and other local costs for the new Foxconn plant at Mount Pleasant in Racine County. But village leaders promised Wednesday that their residents will not pay any more in taxes for the development — and they avoided a county sales tax that was allowed as part of the state’s incentive package to attract Foxconn’s high tech screen plant. Instead, a variety of local costs will be covered in a tax incremental financing district that uses the entire increase in property taxes that Foxconn and its suppliers generate. The T-I-F revenue is expected to be used for land acquisition, water and sewer lines, and additional police and fire protection. Officials also said they needed to give Foxconn a 100-million dollar forgiveable loan in order to seal the deal — and about 285-million dollars will be borrowed for upfront costs.