“This was an opportunity for Caledonia to address a long-term problem,” Taves said. “So what the villages agreed to is that the design was changed to accommodate flows from Mount Pleasant as well as what Caledonia needed.”

The rest of the difference is to be paid with revenue from Tax Incremental District 5, which the village estimates will generate $30 million of revenue.

At the same time, the county and village have raised almost $375 million in revenue through long- and short-term borrowing that will be paid back over many years, along with $60 million paid to the county by Foxconn for land acquisitions.

Foxconn, which has started construction on the property, will start paying taxes to the village next year after the village assesses what’s been built in Area I of the project.

So far the village has transferred about 877 acres to Foxconn for this project.

Available parcels of land in the Foxconn area not transferred over to the company include: in Area I, one home owned by Jim and Kim Mahoney, and two parcels of land along the frontage road; in Area II, 420 acres owned by the Creuzigers; and in Area III one parcel of vacant land consisting of 2.8 acres.

Paying it back