Mount Pleasant approves $149,000,000 in Foxconn funds

MOUNT PLEASANT (CBS 58) - The Village of Mount Pleasant votes to issue $149,000,000 for the Foxconn project plan.

The board voted unanimously Monday night.

The money will fund the Village’s part of the Foxconn plan for the next year.

It will come from issuing bonds.

Some of the bonds will pay back money already spent from a state trust fund and a Department of Administration grant.

Most of the money will be used for improving the water system and other costs to the city over the next year.

The 30-year bonds will cost the city about $10 million a year, but will be covered by tax revenue coming from Foxconn.

“The $1.4 billion from Foxconn, just Area 1, not counting anything else within the district, will generate just over $30 million annually,” said Todd Taves, Senior Municipal Advisor.

The interest rate cannot exceed 5%.

The village plans to issue the bonds in October.