Microsoft's Foxconn Mount Pleasant land purchase completed
MOUNT PLEASANT, Wis. - The village of Mount Pleasant and others on Thursday, May 25 announced the closing of Microsoft's $50 million purchase of a land parcel originally meant for the Foxconn development.
Microsoft plans to build a $1 billion data center campus on the 315-acre parcel and, pending approvals, site readiness work could start later this year. The company purchased the land in the east section of Area III of Tax Increment District No. 5 from the village.
"This is an exciting next step in the process of welcoming Microsoft’s new data center development to Racine County," said Racine County Executive Jonathan Delagrave. "This project offers an incredible growth opportunity for our community."
SIGN UP TODAY: Get daily headlines, breaking news emails from FOX6 News
The sale comes after Foxconn, the world's largest electronics manufacturer, failed to fulfill grandiose promises to build a massive facility that would employ thousands of workers. It's unclear how many people the Microsoft data center might employ.
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 a fact sheet. Microsoft would be eligible to recoup 42% of property taxes paid on new construction, up to $5 million annually.
"We are proud to move forward with this highly anticipated development," said Mount Pleasant Village President David DeGroot. "The purchase of this land, which has been transformed in recent years, is a win for taxpayers and residents alike."
The announcement was made in conjunction with Racine County, Racine County Economic Development Corporation, Wisconsin Economic Development Corporation and Milwaukee 7.
The Associated Press contributed to this report.