Foxconn makes deposit of $60 million to acquire land
(AP Photo/Kin Cheung, File). FILE - In this May 27, 2010 file photo, a worker looks out through the logo at the entrance of the Foxconn complex in the southern Chinese city of Shenzhen. Conservationists are lining up to oppose Republican plans to elimi...
MOUNT PLEASANT (News release). – Foxconn has made its expected $60 million for use by the village of Mount Pleasant for land acquisition. The investment marks a major Foxconn investment as the company brings its $10 billion manufacturing campus and thousands of associated jobs to Mount Pleasant. As a result of the deposit, the village is providing notice to property owners of the village’s exercise of its options on 1,400 acres of land across numerous parcels in areas one, two and three of the Foxconn project site for $82 million.
The payment was supposed to be made Dec. 15, 2017, according to the contract, however paperwork delayed the deposit, officials said.
“The project team has been hard at work for months to make the Foxconn project a reality,” Dave DeGroot, village of Mount Pleasant president was quoted as saying in a news release. “This major monetary investment is a significant milestone that should be marked and celebrated.”
Foxconn’s $60 million upfront cash investment and special assessments paid by the company will provide all funds needed for land acquisitions in the project area.
“We are also pleased to move forward with land acquisition for properties currently under option throughout the three project areas,” said DeGroot. “This is a major milestone as we work to bring new jobs and investment to our community.” The village anticipates that it will close on the optioned parcels in early February.
Utility work is also moving forward, according to a news release.
Earlier this week, the Racine Water Commission recommended contractors for two water main projects related to the Foxconn project, a water main along the east Frontage Road of I-94 between Highway 20 and Highway 11 in the village of Mount Pleasant and another located in the village, along Highway H from the Renaissance water tower south to Highway KR. Both projects will begin in January 2018 in conjunction with Wisconsin Department of Transportation roadway improvements.
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