Foxconn Technology Group wants to build its planned $10 billion LCD panel plant in Racine County and is working with local officials to finalize negotiations, according to reports Friday.
News/Talk 1130 WISN conservative talk show host Mark Belling was the first to report Friday that Foxconn is finalizing plans to locate the 20 million-square-foot plant in Racine County.
The Milwaukee Journal Sentinel later reported that Foxconn is in final negotiations to build the plant in Racine County. The newspaper said that a source indicated there was a “handshake agreement,” but another source said a decision on the site has not been made.
A commercial real estate source told BizTimes Milwaukee on Friday that the Racine location is along I-94 south of Highway 11 (Durand Road) and north of Braun Road.
“I’ve heard this from several people who appear to be in a position to know,” the source said.
In addition to Racine County, Foxconn was widely believed to be considering an area in Kenosha County along I-94 as another possible location.
The company is expected to announce where it plans to build the plant after the $3 billion state incentive package is approved by the Legislature. The deal, negotiated by Gov. Scott Walker, has been approved by the state Assembly and this week was approved by the Legislature’s budget panel, the Joint Finance Committee.
The full state Senate is expected to vote on the bill on Tuesday and if approved the Assembly is expected to vote later in the week on the Senate’s modified version of the bill.
The incentives are based on the company’s capital investment and hiring. Under the proposal, Foxconn could receive up to $3 billion if it spends $10 billion on the plant and if it hires 13,000 people to work there.
