The village of Mount Pleasant completed the purchase of another 380 acres in the Foxconn project area after closing on 172 acres earlier this week.
Mount Pleasant paid roughly $19 million for six parcels located in area I and area III of the Foxconn project area. Land in area I will eventually be the site of Foxconn’s planned 22-million-square-foot LCD panel manufacturing campus while area III land will be used for construction staging and eventually be the site of suppliers.
Credit: Curtis Waltz / www.aerialscapes.com
The six parcels sold Thursday for about $50,000 an acre and all previously belonged to Thomas Fliess. Mount Pleasant officials said they would be closing on the purchase of about 1,700 acres over the next week.
The acquisition of land is being funded by a $60 million cash deposit Foxconn made in December and special assessments the company will also pay. If the project is successful, the company could earn that money back through development incentives if the massive TIF district supporting the project has enough of a surplus.
Not all of the land is being acquired through purchase options. The village will likely use eminent domain for a number of parcels, particularly smaller ones located near roads that will be undergoing construction. Those plans have sparked a lawsuit from a group of landowners who say they will be paid a fraction of what their neighbors will receive. Attorneys for Mount Pleasant have filed a motion seeking to have the case dismissed from the U.S. District Court for Eastern Wisconsin.
