On Monday, Governor Scott Walker signed the Wisconn Valley Special Session Bill into law. The law will create a new enterprise zone, Wisconn Valley, where Foxconn will build a $10 billion manufacturing facility, employing 10,000 people during the construction. The Foxconn campus will hire 3,000 permanent workers, with anticipated growth up to 13,000, with an average salary of $53,875 plus benefits. In addition, another 22,000 jobs are expected from the economic activity. The estimated economic of Foxconn coming to Wisconsin is $7 billion annually.
In return, the state of Wisconsin will give Foxconn $3 billion in economic incentives, including $1.35 billion in tax credits for capital investment and $1.5 billion in tax credits for employing workers earning between $30,000 and $100,000 per year. The tax credits are paid out over 15 years and are only paid when the employment and capital investment targets are met.
Some pictures from the event: