Foxconn paid Mount Pleasant additional $15M in 2025 after assessed value on property fell short

Foxconn has paid the Village of Mount Pleasant nearly $30 million in “makeup payments” since 2024, according to the village’s spokesperson. 

The payments are part of the development agreement between Foxconn and Mount Pleasant for the company’s Racine County development, which has fallen far short of the company’s original $10 billion plan for an electronics manufacturing site first announced in 2017.  

The village received $14.3 million in make-up payments in 2024 for the 2023 tax year and more recently a $15 million payment for tax year 2024. That’s in addition to the property taxes Foxconn has paid for the site.

The make up payments are because Foxconn has fallen short of the land’s “minimum guaranteed value” of $1.4 billion for property tax purposes in 2023 and 2024. 

According to the company’s contract with Mount Pleasant, if the assessed value of the land falls below $1.4 billion, Foxconn must pay make-up payments to cover the shortfall between that minimum value and the actual assessed value of the property.

The money goes toward repayment of infrastructure costs covered by the community through a tax-increment financing district created in 2017 

“If you look at the makeup payments that Foxconn is making, it shows that Foxconn is satisfying the financial commitments that the company made to the village under our development agreements,” said Sean Ryan, communications director for Mount Pleasant.

Foxconn did not respond to a request for comment.

Much of the land originally purchased by Foxconn is being developed by Microsoft for a $4 billion data center campus.

By the end of 2024, the company had invested more than $700 million in its Mount Pleasant operations and created more than 1,200 jobs, according to the Wisconsin Economic Development Corp. That’s compared to the 13,000 workers Foxconn initially expected to hire. 

In November, the company announced a $569 million manufacturing expansion over the next four years due to a rising demand for “data infrastructure.”