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The Twin Lakes General Dollar store would be located on North Lake Avenue on property now owned by developer Steve Mills.
National retailer Dollar General is seeking to place stores in Twin Lakes and Paddock Lake.
Todd Platt, a representative of the stores’ developer, appeared at a Plan Commission meeting in Paddock Lake and a Village Board Committee of the Whole meeting in Twin Lakes on Monday night.
“Maybe I shouldn’t say this because I see the police are represented, but I think I set a speed record for the trip between Paddock Lake and here,” Platt said shortly after he entered the Twin Lakes meeting as the agenda item on his proposal was being addressed.
Platt is proposing developing the Paddock Lake location at Highway 50 and F, just west of the BP/McDonalds. The Twin Lakes store would be located just north of the US Bank location on North Lake Avenue.
In Twin Lakes, the proposed location is in a tax increment financing district. Consequently, Platt’s company is seeking a $100,000 in assistance from the village to make the project more economically viable. Platt is proposing borrowing the money upfront and them having it repaid through tax rebates over subsequent years.
Village trustees were interested in how long that would take given expected increases in the assessed value of the property after development. In other instances, that money has taken as long as 17 years to repay, Platt said. However, it depends on the details that will be worked out between the village and the developer as well as what actually happens to the property’s assessment.
Village administrator David Cox said he would prepare a more detailed estimate of the repayment period for village trustees by the end of this week.
No tax increment financing is available for the Paddock Lake project.
In both cases, the stores would be new buildings.
Dollar General is the country’s largest retailer in terms of locations with over 8,800 stores, Platt said. He likened the stores offerings to a Wal-Mart, but on a smaller scale.
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The proposed site for a Dollar General store in Paddock Lake would be the southwest corner of Highways 50 and Highway F.
