MOUNT PLEASANT, WI -- The Mount Pleasant Village Board will take on more than $750 million in new debt as part of its agreement for a new Foxconn campus within its borders.

The deal, which the board approved last night, calls for the village and Racine County to issue $764 million in bonds to pay for infrastructure and other commitments called for in the agreement.

Mount Pleasant does not expect the Foxconn site to begin generating revenue for the town until 2020, but forecasts the the project's value will hit $1.4 billion by 2023, and amount the two sides agreed upon as part of the land commitment. If the figure is not reached, Foxconn's taxes and related fees will be increased to make up the difference.