Arch Communities LLC/ Lanagan & Co. RFP Response Summary - Received March 11, 2022

Arch/Lanagan LLC:

  1. Team: Arch Communities LLC (Rich Relich, principal) and Lanagan & Co. Inc. (Jason Lanagan, Pres.)
    1. RT Architecture
  2. Summary:
    1. Preserve 1884 Rogers Building and put in 8 residential apartments.
    2. Demolish 1950’s addition and replace with 4-story building with 44 residential units.
    3. Create 52 total residential units for 55 years old and older; Would rezone to Multifamily/Apt.s
  3. Units:
    1. Rogers School: 8 Residential Units in the 1884 Building
    2. Addition: 44 Residential apartments in four floor addition.
    3. Total: 52 Residential Units.
      1. 36 one-bedroom residential units; including 2 Handicapped accessible units
      2. 16 two-bedroom residential units
      3. 7 units are targeted for those earning 30% AMI; 37 units are targeted for those earning 60% AMI and 6 units would be market rate.
  4. Costs of Proposal
    1. Total cost: Financing is for $23,140,000 project.
    2. $285,000 proposed purchase price to Town.
    3. $430,000 Deferred Developer Fee.
  5. Financing:
    1. Fed Housing Tax Credit ($10,300,00); State Housing Tax Credit ($4,370,00); Affordable Housing HOME Funds ($3,550,000); First Mortgage ($1,640,000); Housing Stabilization Funds ($1,000,000); Facilities Consolidation Housing Funds ($550,000);
    2. Local: Community Based Funds ($750,000); and CPA ($550,000); anticipate TIF or similar tax arrangement to limit tax liability over 10 years.
    3. Total financing for project is $23,140,000.
    4. LOI from Bank of America and Nass Housing Partnership.
  6. Maintenance
    1. Developers will hold onto the property for at least 15 Years as required by Housing Tax Credits.
    2. Will hire professional management firm
  7. Parking
    1. 94 spaces (1.8 per unit) south of addition.
    2. Also uses existing Rogers School parking on Chestnut Street.
  8. Development Area: Appears to exceed 50’ pavement beyond ROW by 10’-15’.
  9. Historic Preservation:
    1. Will not apply to National Historic Register.
    2. There will be deed restrictions but the building will not be sold for at least 15 years.
  10. Amenities: Large community room with kitchen, outdoor patio, library/computer room, fitness center, laundry and storage.
  11. Construction: Low emitting materials and energy star certified appliances, low flow faucets, central air.
  12. Timing:
    1. Phase 1: Due diligence, Environmental Study, Market Study, Design and Permitting. Applicant expects DHCD Funding to require 2 rounds.
    2. Construction: To begin 6 months after securing tax credits. Construction to last 14 months
    3. Lease period: 6 months
  13. References: Yes (6 for Arch Communities)
  14. Questions: Questions from the Rogers Reuse Committee for the Arch/Lanagan Proposal 2022-04-19