Microsoft has agreed to buy a $50 million parcel of land in southeastern Wisconsin from Foxconn after the world’s largest electronics manufacturer failed to fulfill grandiose promises to build a massive facility that would employ thousands of workers
FILE - The Microsoft company logo is displayed at their offices in Sydney, Australia, on Wednesday, Feb. 3, 2021. Local leaders have approved plans for a massive Microsoft data center in a southeast Wisconsin village, Tuesday, April 18, 2023, where the world's largest electronics manufacturer has a huge campus. MADISON, Wis.
Wisconsin's governor at the time, Republican Scott Walker, and then-President Donald Trump praised the decision, with Trump boasting the plant would be the “eighth wonder of the world.” According to a fact sheet describing the Microsoft project compiled by southeastern Wisconsin economic development groups, the 315-acre parcel is part of a tax-increment financing district that includes the Foxconn campus. Property taxes collected in such districts can be used to subsidize development in the district.
Foxconn would receive the proceeds from the land sale to Microsoft as partial reimbursement of what Foxconn spent to acquire land for the district in 2017, according to the fact sheet. Microsoft would be eligible to recoup 42% of property taxes paid on new construction, up to $5 million annually.
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