You can try using a float. I used a similar construction with \twocolumn
and it worked fairly well even though it takes more effort to get the float in the right position on the right page then simply using the footnote option.
Keep in mind that you need to have float defined in the right place. Try putting it ahead of at least most of your main text.
\usepackage{float}
\newfloat{footnote}{hb}
\begin{document}
text
\begin{footnote*}[hb!]
footnote text
\end{footnote*}
rest of text
\end(document}
It is even simpler if you use multicol instead of the standard twocolumn.
Simply end multicols at the end of your main section and put your page wide below that.
\usepackage{float}
\newfloat{footnote}{hb}
\usepackage{multicol}
\begin{document}
\begin{multicols}{2}
text
\end{multicol}
\begin{footnote*}[hb!]
footnote text
\end{footnote*}
\begin(multicols}{2}
rest of text
\end{multicols}
\end(document}
\documentclass{...}
and ending with\end{document}
. Two comments: (1) if you're going to submit it to an IEEE journal/conf, they'll frown upon any solution we give you. (2) I don't think that such a large formula should ever be in a footnote.