MRH plans to target seniors and people 55+so they will not affect the local school system. Estimated rent: $1,134/mo/unit MRH has offered the town 3 payment options. I prefer option two which is listed below. MRH will also pay any tax increases on the property if the assessor determines that the property is taxable.
1 West Help Property Rent Payment Options
OPTION 1: $1,500,000 paid up front , $0 rent in year 2 and 3, $500,000 rent year 4-18.
OPTION 2: $1,500,000 paid up front , $441, 176.47 paid year 2 thru 18.
OPTION 3: $3.5M Lump Sum payment up front
This is a good deal for the town. The town will be able to put the property to a good use –affordable housing. The revenue we will receive far exceeds what we had expected from other affordable housing developers who had expressed interest in the proposal. Next step: finalizing the terms of the lease. MRH will be spending about 2 million on renovating the apartments . They hope that the units will be ready for occupancy later this year!
PAUL FEINER
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