Village, City Approve Intergovernmental Agreement
The Mount Pleasant Village Board voted to provide final approval on the comprehensive intergovernmental agreement developed by the City of Racine, Racine Water Utility and Village of Mount Pleasant. The agreement ensures that infrastructure costs associated with the Foxconn development are funded through the company's $10 billion investment , via Mount Pleasant TID 5, and will not impact other municipalities or Utility ratepayers.
The agreement also provides additional funding to the City of Racine to support the City's transit and public safety systems and enables an 85+% reduction in the REC fee to foster increased development throughout the area.
The Racine Common Council also approved the agreement.
"This is a transformational agreement and a game-changer for our community," said Racine County Executive Jonathan Delagrave." The agreement promotes economic development, while protecting City and Village taxpayers. It is a testament to the importance of municipalities working together to develop common-sense solutions that benefit our entire community."
For more information about the agreement, click here.