Thread by @patrickdmarley

.@GovEvers says the new Foxconn deal will save the state $2.77 billion compared to the one @ScottWalker cut.

Under the new deal, Foxconn can receive subsidies of up to $80 million — compared to $2.85 billion under the previous arrangement.

https://twitter.com/patrickdmarley/status/1384592491115077634

The initial deal was worth about $4 billion in all when accounting for other state sweeteners and local incentives.

Here is a chart that compares the new deal with the original one:

content.govdelivery.com/attachments/WI…

The new deal shows Foxconn is retreating from many of its original promises.

Under the new deal, it will create up to 1,454 jobs, or 11% of the 13,000 jobs it originally pledged to create.

In the new deal, Foxconn says it will invest up to $672 million in Wisconsin. That's 6.7% of its original projections of up to $10 billion.

Because it's promising far less, Foxconn can get far less from the state.

Foxconn can qualify for up to $80 million in subsidies for job creation and capital investment.

That is 2.8% of the $2.85 billion it could have received from the state under the original deal.

More details on the deal from @ricoreporting. (Check back for updates.)

bit.ly/3arjgS8

Also of note -- under the new deal, taxpayers will give Foxconn a subsidy of 7% of the wages of the jobs it creates. That's in line with other incentive packages the state gives and far below the 17% it would have paid under the earlier deal.

Another change to the Foxconn deal:

Under the original terms, state taxpayers could have been on the hook for paying back local bonds if the project faced financial difficulties. With the new deal, there is less chance of that happening.