A year and a half ago Racine County and Mount Pleasant officials created an estimate of $763 million to complete the Foxconn Technology Group development project. Now, the estimate is approximately $912 million, according to a story by the Journal Times.
As of the end of 2018, the amount spent by Racine County and Mount Pleasant totaled $190 million for infrastructure, land acquisition, and finance-related expenses.
The new estimate for the project has increased largely due to land acquisition, which so far has totaled almost $170 million. Also, interest on the debt from long and short-term borrowing in the amount of $248 million has affected the new estimate. Interest payments increased because some short-term loans were refinanced into long-term loans. Another factor for the increase is in regard to sewer and water infrastructure, which is about $25 million more than anticipated, according to the story.
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