MOUNT PLEASANT — Two new developments are expected to come to the Wisconn Valley area in Mount Pleasant.
Cornerstone Pavers LLC will put a temporary concrete batch plant on the corner of East Frontage Road and Highway 11. Caledonia-based Cornerstone has had a series of problems with the City of Racine and Racine County, but is one of the subcontractors for concrete on road projects in the Foxconn development area.
The Village Board on May 13 voted 6-1 to approve the conditional use permit. Trustee Gary Feest was the lone “no” vote.
“This was something that was highly vetted, again, through the public hearing, through the Planning Commission, through the Committee of the Whole,” Village President Dave DeGroot said.
The Village Board also unanimously voted to approve a conditional-use permit to Sturtevant-based Tree of Life to build a senior-living facility off Durand Avenue and inside of Tax Increment Financing District No. 5, which is the area earmarked for Foxconn. Tree of Life is planning to build a facility that can house up to 15 people.
The village also is borrowing $11.2 million for several projects and refinancing. Todd Taves, senior municipal adviser for Ehlers Inc., a Pewaukee-based financial consulting firm, said the bulk of the borrowing, $7.5 million, would be used for road improvements and equipment purchases.
“The predominant line items that make up that $7.5 million are street improvements throughout the village, and also equipment for public safety for both the Fire Department and Police Department,” Taves said. “The other purpose for the bond issuance is that we’ll be refinancing existing debt obligations of the village for debt service savings.”
The refinancing saves the village money on interest payments and, on one particular debt obligation, it could save the village $71,000 over the next five years. On another obligation, the village could save $172,000 over the next nine years, Taves said, adding that the village’s interest payments are nearly cut in half, down to 2.5%.