On Sept. 18, Gov. Scott Walker signed into law a $3 billion state subsidy plan for Taiwanese electronics manufacturer Foxconn. Walker signed the historic bill at Gateway Technical College in Sturtevant, south of Milwaukee, near where Foxconn is purportedly considering construction on a $10 billion facility to make liquid crystal display screens.
According to the Wisconsin State Journal, the Foxconn subsidy deal is the largest in Wisconsin history and the biggest-ever subsidy by any U.S. state to a foreign corporation.
The monumental deal likely won’t break even for 25 years according to the Legislative Fiscal Bureau, but the $10 billion plant the company is planning to build — likely in Racine County — is expected to bring 13,000 new jobs to the state and could spur additional development elsewhere, including Madison.
The Wisconsin Economic Development Corp., the state’s embattled economic development agency, will be likely be tasked with overseeing the deal.
