Foxconn and the state of Wisconsin have reached a new agreement, but the deal is short on specifics for now.
Foxconn and the state have been negotiating for months on a scaled-back agreement that will give Foxconn more flexibility and the state a lower tax liability.
The original 2017 deal called for Foxconn to invest $10 billion to build a large screen manufacturing plant in Mount pleasant.
The project included $2.85 billion in taxpayer subsidies if Foxconn lived up to its end of the deal.
The Milwaukee Business Journal's Mark Kass says the restructured deal comes down to one key change.
"I think it's flexibility, flexibility, flexibility. I think that's what they've asked for, but I also think it's kind of realizing we are not going to get these huge numbers anymore," said Kass, the editor-in-chief of the BizJournal. "We are not going to get the huge assessment we want. We are going to get something more realistic to what's going to happen there."
In February, Gov. Tony Evers told TMJ4's Charles Benson why the state was trying to 'right size' the 2017 deal with Foxconn when it comes to the type of jobs and number of jobs.
"Right-sizing means being as specific as possible as we can as to what they are going to produce," said Gov. Evers, "and specific as we can as to what type of people, the number of them."
Foxconn has created hundreds of construction jobs building a $100 million facility in Mount Pleasant.
"I am encouraged by the announcement," said frequent Foxconn critic, State Rep. Gordon Hintz, Democrat from Oshkosh. "It is my hope that any new contract brings better transparency and clarity from Foxconn going forward."
Republican State Sen. Van Wanggaard said he hasn't seen the deal yet. "Foxconn seeking to amend their existing agreement to allow for greater flexibility, growth, and stability in this rapidly changing post-pandemic environment shows their commitment to Wisconsin and the southeast Wisconsin area," said Wanggaard.
The Wisconsin Economic Development Corporation's board, which includes Republicans and Democrats, will vote on the new agreement Tuesday.