MOUNT PLEASANT — There will be a few new millionaires in town once everyone signs on the dotted line.
The Mount Pleasant Village Board on Monday approved buying almost 300 acres of land for nearly $21 million — land that will be used for a massive manufacturing campus planned along Interstate 94 between Highway 11 and Highway H.
Taiwan-based Foxconn — a designer and manufacturer of liquid crystal display panels and other technologies — plans to build a $10 billion manufacturing campus of 32 million square feet, with construction starting next year.
Foxconn is expected to employ up to 13,000 people at an average annual pay of about $54,000. That employment number does not include an estimated 10,000 construction jobs and many more thousands of indirect jobs.
With 18 purchases approved Monday, the village has secured about 70 percent of the land for the project’s Area I, which encompasses land between Braun Road and Highway KR, east of Interstate 94 to Highway H.
“That’s a lot of property,” Village President Dave DeGroot said. “This is great news as we move forward toward breaking ground.”
The board discussed the sale of the properties, which ranged from less than one half-acre to 79.47 acres, in closed session for more than hour before returning and unanimously approving each one.
The biggest sale was $4,360,000 for 79.47 acres in the 11000 block of Braun Road, owned by Linda Lamparek. There were five other sales that had seven-figure price tags:
- $2,150,000 for 37.58 acres in 13000 block of Braun Road owned by the Brouwer family members;
- $2,150,000 for 39.10 acres along County Highway H owned by Doug Funk;
- $1,885,000 for 29.89 acres in the 13000 block of Braun Road owned by Jack and Patricia Petersen;
- $1,494,500 for 29.89 acres in the 3000 block of Highway 41 owned by Leroy and Sharon Petersen;
- $1,123,000 for a combined 22.47 acres along Highway 41 owned by William and Ann Schultz.
In all, the village purchased 288.52 acres for $20,559,457 on Monday. According to village officials, after the closings are complete, the new properties will bring the total acquired acreage to more than 2,000 of the roughly 2,900 acre total Foxconn area.
The price per acre varied across the sales, ranging from $50,000 per acre to $524,173 per acre.
Land acquisitions moving forward
Village officials said earlier this month that Mount Pleasant would be offering all homeowners affected by Foxconn-related public improvement projects 140 percent of fair market value for their homes, and owners of vacant land within the project area will be offered $50,000 per acre.
Alan Marcuvitz, an attorney working on the acquisitions with the village, said the law only requires the village to pay fair market value, but the village is adding a 40 percent “bonus.”
As part of the process, property owners can get an appraisal on their own — which the village will eventually pay for — and, if they choose to, negotiate with the village.
As an example, Marcuvitiz said if a home is appraised at $400,000, the village would plan to offer about $560,000 for the property. The property owners can then get their own appraisal, which could be $450,000. The village can negotiate with the property owners to settle on $425,000 as the fair market value and then apply the 140 percent.
The village plans to consider offers from property owners as it moves forward with land acquisitions associated to the project.
Ricardo Torres contributed to this report.