Wisconsin used full-court press to win $10 billion Foxconn project

LIVE STREAM: President Trump Holds Major Jobs Announcement

Seven states had competed for the plant.

Other states that vied for the plant are Michigan, Illinois, Indiana, Ohio, Pennsylvania and Texas. The Governor said he's not concerned about that happening here, because of our country's and state's labor laws, as well as the fact that Wisconsin's plant will be a much smaller operation compared to those outside of the U.S.

President Donald Trump is holding a press conference to announce a major development in his vow to bring jobs back to American soil. Trump's plans for health care and tax cuts face an uncertain future in Congress, and his administration is bogged down by an investigation into Russia's possible ties with his presidential campaign.

In his speech, Trump made clear that he should receive the credit for the investment deal, saying "if I didn't get elected, he definitely would not be spending 10 billion dollars".

"We've got something on the table, but we want reassurances that these are going to be good paying jobs", Hintz says. The memorandum of understanding signed by company leaders and state officials Thursday would give the company six years to fully staff the facilities and make $10 billion in capital investments in exchange for $3 billion in tax incentives.

The incentives would only be awarded if Foxconn creates the jobs and pays an average yearly wage of almost $54,000.

The US government believes that Foxconn will spend $700m a year once the facility is fully-staffed and operating - but the earliest that this will be is in 2020.

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Foxconn is expected to select a 1,000-acre site in southeast Wisconsin and could be eligible for some additional local incentives, officials said.

Wisconsin would pay out tax incentives to Foxconn, the amount of which are subject to how numerous 13,000 promised jobs they actually create at a new LCD-panel manufacturing facility likely to be located in Racine County. It's being built in House Speaker Paul Ryan's home electoral district.

Scot Ross, executive director of the progressive advocacy group One Wisconsin Now, noted the WEDC is reporting the project will only generate $181 million annually in state and local tax revenue, but the subsidy program has an annual cost of up to $250 million over 15 years.

Foxconn plans to make LCD screens for medical, automotive, aviation and entertainment industries at the plant in Wisconsin, and will be the first of its kind in North America.

Critics have also cautioned that Foxconn has made promises before to invest in the US and not followed through.

Others are concerned about the company's ability to follow through on agreements; in 2013, Foxconn planned to invest $30 million to build a factory in Pennsylvania, but it was never built.

The special session is scheduled to start Tuesday, although it's not yet known when lawmakers will actually vote on the bill. "I don't know how Foxconn could guarantee that", said Tom Still, president of the Wisconsin Technology Council, a nonprofit that advises the governor and the Legislature.

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