Concerns rise over cost of bringing Foxconn to WI
By Brianna Hollis, WAOW News
WAUSAU, Wis. (WAOW)-A lot of buzz surrounds a plan to bring tech giant Foxconn to Wisconsin, but now new numbers are raising concern.
Governor Scott Walker's $3 billion tax incentive plan would cost state and local governments about $150 million in lost sales taxes.
Additionally, the state would have to borrow more than $250 million. With interest, that would amount to more than $400 million - and the state wouldn't be able to pay that back until 2042.
But Gov. Walker and other GOP advocates said the deal should more than pay for itself.
"We think this is an incredible payoff." said Gov. Walker. "And it's not just about the 10 billion dollar investment, it's about the impact that it has statewide."
Representative Patrick Snyder (R-Schofield) highlighted the financial benefits the deal would bring to the Badger State.
"Economic benefits that we'll see from construction, from suppliers, from everything else that's going to be coming in," he said.
But on the other side of the aisle, Rep. Katrina Shankland (D-Stevens Point) wants the state government to prioritize.
"We need to balance new jobs and economic growth with not only a responsibly budget, but making sure we can fund our other priorities," she said.
She also wants the state to figure out its current budget before making any major financial decisions.
"Looking to the next budget there's already a considerable deficit," said Shankland. "And even in this budget we have a billion dollar transportation deficit."
The governor's proposal will be discussed in Madison next week.