Wednesday, October 4, 2017

$764 million cost of Foxconn 'win' for WI local governments

Huge taxpayer contributions provided to the Foxconn project by Racine County and the Village of Mount Pleasant on wetlands-rich parcels 
Forested Wetland
when added to roughly $3 billion committed by the state will push the public contribution past the three and three quarter-billion dollar mark, the Journal Sentinel is reporting.
The $764 million local contribution is to be repaid through a tax incremental financing district the village will establish.
No sales [or additional] tax is envisioned...County Executive Jonathan Delagrave said.
Both the county and Mount Pleasant will borrow money, by issuing bonds, to pay for their upfront costs. All told, the long-term debt financing by the county and village will total just under $285 million.
That's a lot of money upfront and pledged being diverted from routine municipal, school and other purposes.

Guess we have a better idea why Kenosha County took a pass.

I've been compiling a Foxconn archive, here.

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