The village of Mount Pleasant has completed the transfer of 787 acres of land to a subsidiary of Foxconn Technology Group.
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According to state records, the village transferred the land – valued at nearly $36.9 million – to FEWI Development Corp. Mount Pleasant officials said earlier this week they were beginning the transfer process after acquiring 95 percent of the land in the initial project area.
Foxconn is paying for the land through a $75 million special assessment included in a tax incremental financing district supporting the company’s plans for a $10 billion LCD manufacturing campus. The special assessment payments will be made on property tax bills over the next 10 years.
The special assessment is intended to cover the costs of land acquisition in what is referred to as Area I, a 1,198-acre area located north of Highway KR, east of Interstate 94, south of Braun Road and west of Highway H. If acquisition costs exceeded $75 million, another special assessment would be added.
The transfer values the land at $46,854 per acre, suggesting the total value of Area I would end up being around $56.1 million. The village has generally paid $50,000 per acre for vacant or agricultural land and 140 percent of fair market value for homes.
Acquisitions in the rest of the project area, excluding Area I, are being funded by a $60 million cash deposit Foxconn made in December.
