From my cursory reading (not an expert here!):
It looks as though the town took out $300 million in bonds to build stuff to support the project, Foxconn promised annual payments to cover the debt, and - big surprise there - didn't hold up their end of the deal. And have now effectively abandoned it. (The hire-and-fire trick to fudge compliance with the agreement is a typically soulless big-corporation touch.)
Who is ultimately on the hook for this will doubtless depend on the contract language, and exactly how binding that promise was. I suppose the town could seize and resell the property if the promise is enforceable but Foxconn won't pony up, but that would involve massive legal expenses. In the end, I think they're well and truly screwed.
Biting the hand that feeds IT
