Two more Foxconn property deals completed

Village reiterates offers to purchase on remaining land

The site Foxconn Technology Group has selected for its 20 million-square-foot campus.

Last updated on July 2nd, 2019 at 09:12 pm

Mount Pleasant has closed on the purchase of two more parcels of land for Foxconn Technology Group’s LCD manufacturing campus.

The site Foxconn Technology Group has selected for its 20 million-square-foot campus.
Curtis Waltz/

A 142-acre parcel just east of Interstate 94 and north of Highway KR was purchased for $6,978,400. The property was previously owned by Rossi Investments LLP of Bristol, according to state records.

A 59.4-acre parcel located south of Braun Road and just east of I-94 was purchased for $500,000, according to the records. The property had six owners, including Lori Anderson of Burlington; Steven Anderson of Racine; Lynn Bauman of Fremont, Wisconsin; Timothy Anderson of Appleton; Lee Ann Goold of Arlington, Wisconsin; and Karen Anderson of Appleton.

The village announced last week it would be closing on the purchase of about 1,700 acres. Land acquisitions are being funded through a $60 million cash deposit made by Foxconn and a special assessment the company will also be paying. Foxconn could earn that money back if the tax increment financing district has enough money in the future.

Transactions recorded by the state show the village has acquired 753 acres of the 1,700 over the last week for $35.4 million.

Mount Pleasant is still looking to acquire another 1,100 acres in the Foxconn project area and the developer’s agreement with Foxconn sets an Aug. 1 deadline for the village to acquire all of the parcels in the project area.

The village issued a press release Wednesday reiterating its offer to pay $50,000 per acre for vacant land in the Foxconn project area and 140 percent of the fair market value for properties needed for public improvements.

“We know the property acquisition and relocation processes are challenging,” said Dave DeGroot, Mount Pleasant village president. “As a result, we are making generous, consistent offers to property owners throughout the project area.”

The differing offers for vacant land have led to some controversy with some owners of vacant land receiving millions and owners of smaller lots with houses receiving a 40 percent premium. A group of homeowners are suing the village, arguing they are only receiving a fraction of what their neighbors will get. Attorneys for Mount Pleasant have sought to have the case dismissed.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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