The Latest: Wisconsin board approves Foxconn contract terms

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The Latest on a contract implementing $3 billion in state incentives for a Foxconn Technology Group plant in Wisconsin (all times local):

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4:05 p.m.

Wisconsin's economic development board has approved the key provisions of a contract implementing a massive incentive package for a Foxconn Technology Group plant.

Gov. Scott Walker signed a bill in September that provides nearly $3 billion in cash to Foxconn if it invests $10 billion in a new flat-screen factory in Mount Pleasant and employs 13,000 people.

The Wisconsin Economic Development Corporation board voted 8-2 Wednesday to approve the key terms in a contract executing the package. The 15-year deal ties state tax credits to Foxconn's annual job creation numbers and calls for Foxconn to pay back the credits if it fails to meet those benchmarks. The deal also calls for Foxconn CEO Terry Gou (GOW) to personally guarantee 25 percent of the payback amount.

Walker and Foxconn officials are expected to sign the contract as early as Friday.

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2:50 p.m.

Wisconsin's economic development board is set to vote on the key provisions in a contract implementing a $3 billion incentive package for a Foxconn Technology Group plant.

The Wisconsin Economic Development Corporation's board is set to vote during a closed session late Wednesday afternoon. The board will not vote on the contract's actual language but a staff summary of the deal. Approval will authorize WEDC leadership to finalize the deal with the company.

Foxconn is looking to build a massive flat-screen plant in Mount Pleasant. The company has claimed the plant could eventually employ up to 13,000 people.

Gov. Scott Walker signed a $3 billion incentives package for the plant in September. The contract will enact the incentives.