The Village of Mount Pleasant has a new largest taxpayer.
Foxconn in December paid the village $1,071,899 in property taxes for 2019.
That’s the bill for Foxconn’s LCD manufacturing facility that’s being built in the village.
Foxconn’s facility, and the 861 acres it sits on, had an assessed value of just under $58 million at the beginning of 2019. The value and the tax bill for 2020 is expected to be much higher.
Foxconn also paid Mount Pleasant $7,325,050 as part of the special assessment that covers the cost of the land that was purchased for the company.
Foxconn’s tax payments are the latest big checks that the company has cut. Foxconn also awarded $31 million in contracts for plumbing, electrical and fire safety work at its facility in Mount Pleasant in December. That brings the total for contract work to $350 million. Foxconn’s agreement with Racine County and the village of Mount Pleasant call for the company to invest $10 billion in its plant, even though that was the price tag for a larger plant than the one that is being built.
That change has Wisconsin Gov. Tony Evers demanding that Foxconn renegotiate its tax incentive deal that could be worth $3 billion.
Foxconn has said for months it hopes to finish construction on its new facility by the end of 2020. The company is in the process of hiring for some of the 13,000 jobs that it’s promised.
Benjamin Yount reports on Illinois and Wisconsin statewide issues for The Center Square. Reposted with permission.