WEDC Delays Vote on Foxconn Contract

The Wisconsin Economic Development Corporation (WEDC) delayed a vote on a nearly $3 billion incentive package for Taiwanese manufacturer Foxconn until November after an unspecified problem was discovered with the deal board members were set to vote on Tuesday.

WEDC board chairwoman Lisa Mauer confirmed the vote was pushed back because of a particular concern but also declined to provide specifics. She said it was detected late in the negotiating process. “We want to get this right,” Mauer said. “When something goes awry, you step back and you address that specific issue, and that is what’s going to happen.”

Foxconn has pledged to invest $10 billion and create up to 13,000 jobs at a new LCD manufacturing facility in Mount Pleasant in Racine County. In return the state plans to give the company $2.85 billion in refundable tax credits for jobs and for the construction of the campus.

WEDC CEO Mark Hogan declined to discuss details of where the negotiation stands. “We’re going to take whatever time is required to get it right,” Hogan said. “It’s very complex.”

Hogan said the delay in voting on a contract is not an indication the company is having second thoughts about locating in the state. “I think you’ve seen that Foxconn has been very visible in the community in recent weeks and I think that they’re committed to it,” Hogan said. “They’re moving forward as if this transaction is going to take place.”