Twin Lakes is considering an agreement that would give a local developer the right of first refusal to develop a piece of now village owned property and restart downtown redevelopment.
The site, which currently houses the Twin Lakes Chamber and Business Association office, could become part of a commercial development proposed by Steve Mills. The development would fall within the village’s tax incremental financing district. TIF districts are used as a way to recoup costs of infrastructure for projects that should increase economic development in a municipality.
Village plans for the downtown portion of the TIF were delayed when Walgreens decided not to pursue building a drug store in Twin Lakes. Mills’ proposed building was another part of the downtown plan.
The proposed agreement would give Mills a first right of refusal when the village decides it can go ahead with street improvements that would effect the chamber site.
“When the village decides it wants to go forward with downtown development, then he has a certain amount of time to react,” said David Cox, village administrator.
If Mills agrees to move forward, but then doesn’t build, he would still have to pay the village a fee equal to what the improved property might bring in in taxes, Cox explained.
Sidelined for now, the downtown re-development may come back to the front burner if stimulus money the village applied for comes through, Cox said.
Some trustees were concerned that the village be protected against Mills locking up the property and keeping it from being developed. Cox said he would have the language in the agreement reviewed to see if the village’s position should be strengthened.
