WEDC board approves Foxconn contract terms

MADISON, Wis. (AP) — Wisconsin’s economic development board has approved the key provisions of a contract implementing a massive incentive package for a Foxconn Technology Group plant.

Gov. Scott Walker signed a bill in September that provides nearly $3 billion in cash to Foxconn if it invests $10 billion in a new flat-screen factory in Mount Pleasant and employs 13,000 people.

The Wisconsin Economic Development Corporation board voted 8-2 Wednesday to approve the key terms in a contract executing the package. The 15-year deal ties state tax credits to Foxconn’s annual job creation numbers and calls for Foxconn to pay back the credits if it fails to meet those benchmarks. The deal also calls for Foxconn CEO Terry Gou (GOW) to personally guarantee 25 percent of the payback amount.

Walker and Foxconn officials are expected to sign the contract as early as Friday.

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