Gov. Scott Walker signs $3 billion Wisconsin Foxconn bill and promises spring groundbreaking

Gov. Scott Walker on Monday approved up to $3 billion in subsidies for a Racine County flat-screen plant, binding the state’s economic hopes and his own political future to the investment proposed by an Asian electronics giant.

The signing of the legislation at Gateway Technical College clears the way for the Walker administration and Foxconn Technology Group of Taiwan to ink a final contract in the coming days, announce the chosen site for the plant soon and break ground there by spring.

“We’re thrilled that these are going to be the first of its kind made in America,” Walker told a crowd at Gateway on Monday. “And not only will these LCD displays be made in America, they’ll be made proudly right here in the state of Wisconsin.”

It’s still unknown how much Racine County taxpayers will have to spend to provide the infrastructure and services needed for the plant.

But the state deal would pay up to $2.85 billion in cash to the company over 15 years to offset 17% of its qualifying payroll costs as well as 15% of the capital costs of constructing an up to $10 billion factory that could employ as many as 13,000 people.