(WGTD)---The Village of Mt. Pleasant, the City of Racine and the city’s water utility have struck a tentative agreement that’s designed to share some of the burdens and benefits of hosting Foxconn.
The deal was approved by the village board Thursday night, and now goes to the city and the water utility. The Foxconn site lies within the city utility’s service area.
Highlights of the agreement include making sure that existing utility customers aren’t socked with Foxconn-related costs.
Also, the utility has agreed to a dramatic reduction in what it charges residential developers in its service area, a move that’s expected to stimulate badly-needed housing development. To replace the lost revenue, the village will set aside some of the additional tax revenue it expects to receive as a result of Foxconn-related development.
The village has also agreed to give the city a-quarter of a million dollars a year to cover transit and public safety costs.
Finally, the agreement calls for the city and village to establish a commission to study the possibility of straightening out shared boundaries. Right now, for example, Mt. Pleasant’s land mass includes a neighborhood along Lake Michigan south of Racine that has more in common with the city than it does with the village as a whole.
In a news release, Jenny Trick, the Executive Director of the Racine County Economic Development Corp., had high praise for the intergovernmental agreement, saying it’s a huge win for the entire community.
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