… we have a small favor to ask. Thousands of people have placed their trust in the Racine County Eye’s high-impact journalism because we focus on solutions-based journalism.

With no shareholders or billionaire owners, we can provide trustworthy journalism that focuses on helping readers.

Unlike many others, Racine County Eye’s journalism is available for everyone to read, regardless of what they can afford to pay. We do this because we believe in information equality. Greater numbers of people can keep track of events, understand their impact on people and communities, and become inspired to take meaningful action.

If there were ever a time to join us, it is now. Every contribution, however big or small, powers our journalism and sustains our future. Support the Racine County Eye from as little as $5 – it only takes a minute. Thank you.


Your contribution is appreciated.

The Mount Pleasant Village Board voted unanimously to approve the development agreement with Taiwan-based Foxconn Technology Group for a massive manufacturing plant coming to the village.

The agreement carries forward many of the commitments from the memorandum of understanding, said attorney Alan Marcuvitz. But it also includes the village and the county issuing a large amount of debt, $764 million, to pay for infrastructure and other requirements in the agreement.

For its part, Mount Pleasant will issue a total of $195 million in principal debt, $140 million will be in tax increment revenue bonds, tied to the TID for the development, and another $55 million through a Clean Water Fund Loan, which is a program from the state that provides low-interest loans, normally for sewer infrastructure.

Because the earliest date that increment revenue can come into the village is 2020, part of the money being borrowed now will be used to make payments between until then. But the village is expecting to reach $1.4 billion in value from the project by 2023.

“The overarching security is the guarantee that we’ll have a minimum of $1.4 billion in valuation in area 1 alone,” said Todd Taves, a senior municipal adviser with Ehlers Inc.

In the event that the $1.4 billion in valuation is not reached, Foxconn would be required to pay an actual tax payment along with a payment making up the difference to $1.4 billion, Taves said.

The State of Wisconsin is also providing moral obligation backing for the $140 million in tax increment revenue debt being issued. So if revenue in the TID does not match the debt service, then the state legislature would consider an annual appropriation to make the payment.

A site plan for the plant has still not been provided but is expected by Dec. 1

The County Board of Supervisors will vote on the development agreement Tuesday and plans to go to the bond market by Dec. 5.

Intergovernmental Panel

The village board also voted in favor of the proposed intergovernmental oversight panel for the Foxconn project.

The panel would be comprised of the Mount Pleasant Village President and the Racine County Executive, as well as a trustee from the village board and a county supervisor.

“They really have become nothing other than the agency, the joint agency, of the county board and the village board,” Marcuvitz said.

The panel will manage land acquired by the village in area 2 and 3 of the project map, and will also have the power to borrow money for the project if it is directed by the village board. The panel will only be able to take action by a unanimous vote.

Advertising disclosure
To support our site and content, we work with partners to present valuable offers to help you save, earn, and get ahead. We may be compensated for the purchase of goods and services made through the links in this offer program.
Offers for you
Curated offers for our readers
advertiser disclosure
Coding for kids! Introducing programming games for the next generation. Get your kids coding today.
Start with a free trial.
Start with a free trial.

Get your students coding in no time!

CodeMonkey is a fun and educational game-based environment where kids learn to code without any prior experience. After completing CodeMonkey's award-winning coding courses, kids will be able to navigate through the programming world with a sense of confidence and accomplishment.

Kids will love learning to code with CodeMonkey

  • Ready to Go Courses. With CodeMonkey’s teacher kit and support team, anyone can teach the basics of computer science.
  • Real Coding Languages. CodeMonkey's courses teach text-based coding so students learn to program like a real developer.
  • Game-Based Learning. Kids learn coding in an engaging and rewarding environment that utilizes gaming elements.

Free Trial - Enjoy a full-blown gaming experience that will teach your kids to code!

Denise Lockwood has an extensive background in traditional and non-traditional media. She has written for Patch.com, the Milwaukee Business Journal, Milwaukee Magazine and the Kenosha News.