Developer Dick Anagnost is on his way to obtaining the reprieve he’s sought on loans he’s taken from the city to construct two major high density, low income housing developments. The Committee on Community Improvement approved Anagnost’s request to abide by the terms of the original, and still in force agreement with the city, for a roughly half a million dollar loan obtained to construct one hundred and fifty units of high density, low income housing on Agnes Street, at the West end of the Biron Bridge. Anagnost is up to date on those payments, but had hoped to refinance the property containing five, thirty unit buildings and pay off the city’s loan. He said a refinance he promised last May, to pay it off by the end of last year, was denied by the New Hampshire Housing Finance Authority and can’t be done until late two thousand and sixteen.
On the million dollar loan he got from the city to build ninety units of high density, low income housing on Old Wellington Road, Anagnost is in arrears on the annual thirty three thousand dollar payment, saying the formula he is required to follow to collect rent has only allowed rent to increase by eleven percent while expenses have gone up by fifty percent. He said the three, thirty unit buildings have a negative cash flow and he’s funding the difference out of pocket and that he can’t afford to make the loan payments, which are principal only as the loan is interest free. He said his plan is to pay the city back in full in two thousand eighteen when the New Hampshire Housing Finance Authority will allow a refinance.
Ward Seven Alderman Bill Shea asked Anagnost if he would be willing to put that promise in writing. Anagnost said no because he can’t do the refinance until two thousand and eighteen. The committee agreed to allow Anagnost to skate on the payments until then. The request now goes to the Board of Mayor and Aldermen for final approval.
What I can’t figure out is this: How is refinancing an interest free loan, presumably to an interest bearing one, going to lower his payments as claimed at last night’s meeting. I mean, a thirty three thousand dollar payment on a million dollar loan isn’t exactly breaking the bank. Anyway, I kind of wish someone had asked that question.
News from our own backyard continues after this.
Tonight’s multiple discussions planned at committee and the full Board of Mayor and Aldermen in Manchester over converting the city’s street lights to L E D fixtures are bound to be interesting. After reviewing the materials sent to committee and consulting with public works officials, it would appear as if Philips North America remains the vendor that provides the city with the most savings over time, regardless of whether or not the city decides to use the so called smart meter technology to monitor and control the fixtures.
Girard at Large did confirm that Philip’s bid is the same one originally recommend by public works officials. Competitor Siemens, however, made major changes to make their bid more competitive. Despite the changes, Siemens remains higher priced than Philips without the smart controls, however marginaly. After a seven hundred thousand dollar price reduction in the cost of their bid on the smart meter technology, a thirty six percent reduction from their original proposal, a proposal they stood by until the bids were made public, Siemens was minimally less expensive than Philips.
Regardless of whether the city chooses to use the smart meter technology, materials provided to the committee show that the city will save more money with Philips than with Siemens. Public Works Director Kevin Sheppard said that was because of the lights proposed to use, lights which they iwill build themselves, by the way. We’ll have more on this during the show.
The New Hampshire Republican State Committee has filed another Right to Know Request regarding the out of state travel of Her Highness, the Governess Margaret Wood Hassan. The state GOP, which filed a similar request for Hassan’s hiatuses in January, wants to know where she’s been traveling to out of state. Hassan has proclaimed herself above the state’s Right to Know Law, saying it doesn’t apply to her. Therefore, Republican Party Chair Jennifer Horn also submitted a Right to Know Request with the Department of Safety to obtain information on the travels of Hassan’s security detail to determine her whereabouts.
In her media release, Horn cited media reports that Hassan was in New York City and Washington yesterday to give a speech at New York’s “premiere social club” and to address a reception of a liberal special interest group. She also linked to a weekend story in the Concord Monitor which reported Hassan’s undermining New Hampshire’s Right to Know Law and urging state agencies to ignore legal requirements to respond to requests from reporters. More and more, she’s acting like a senator, isn’t she?
That’s news from our own backyard, Girard at Large hour ___ is on the way!
