Foxconn Technology Group has reported spending 81% of the necessary capital investment requirement laid out in the company’s new, significantly smaller contract with the state for a manufacturing facility in southeast Wisconsin.
Foxconn reports spending more than $542 million in direct expenditures for the Mount Pleasant plant — along with the creation of 970 total jobs — by the end of 2020. according to an economic development performance report the company filed with the Wisconsin Economic Development Corp. on June 30, which was obtained by the Wisconsin State Journal through a public records request.
After the report is audited by an independent third party, it will then need to be verified by WEDC before any state money is approved. WEDC will determine how many of the jobs listed by Foxconn meet eligibility requirements laid out in the updated contract, which was signed in April.
Under the new six-year contract, Foxconn could receive up to $80 million in state tax dollars as long as the Taiwan-based company creates 1,454 jobs and makes a capital investment of at least $672 million by 2026.