Ricardo Torres
Foxconn Technology Group has paid nearly $30 million in "makeup payments" to the village of Mount Pleasant during the last two years.
This comes after the Taiwan-based company fell far short of 2017 promises of a massive tech development and hiring surge in the Racine County village.
Thanks to huge data center projects, Microsoft is now set to surpass Foxconn as the largest Racine County taxpayer.
According to the contract signed by Foxconn and local municipalities in 2017, Foxconn agreed to a minimum guaranteed value of $1.4 billion on its property in 2023. If the property is not worth $1.4 billion the company needs to pay a “makeup payment” of the difference between the assessed value and the minimum guaranteed value.
According to Mount Pleasant officials, Foxconn paid the village about $15 million in 2025 as part of the makeup payment for not having the minimum guaranteed value in 2024.
In a statement Foxconn said:
"Foxconn supports expansion of technology and innovation in Wisconsin. We continue to invest in the state and faithfully carry out our financial obligations with local governments."
The money went to paying for investment upgrades for tax incremental district, the area that includes the Foxconn development.
The agreement also states Foxconn must maintain the minimum guaranteed value of $1.4 billion through Dec. 31, 2047 or otherwise make more payments.
In 2024, the company paid $14.3 million to the village to make up for assessments in 2023, according to village officials.
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