Attachment 4LEGACY
WEALTH
VENTURES
DATE: October 22, 2017
TO: Arn Andrews, Assistant Town manager
FROM: Tony L. Alarcon, Legacy Wealth Ventures
SUBJECT: 20 Dittos Development BMP and Public Servant Housing
Mr. Andrews,
I am writing you to express our desire to develop 20 Dittos Lane for the betterment of our
Town. As a land developer, I have developed properties of this size and processed much
larger parcels.
Unlike other developers, our interest is to develop the parcel for the highest and best use
for the Town and its residents versus maximizing developer profits. Instead of taking
developer profits we plan to sell the units at cost and use a Stanford University approach
with a Leasehold Estate receiving an annuity from HOA payments.
The Town Council provided guidance for maximum development of 4 units. Our project
will result in a higher unit count due to most residences having a market rate granny unit.
Our units will be designated solely for public servants with some units allocated strictly for
teachers. We are open to a BMR unit if required. Our units will be two stories and smaller in
size to enhance affordability, 2br/2ba with an office that may be utilized as a 3rd bedroom.
The market rate granny units will provide market rents to help increase affordability of the
main residence. We expect the granny units to serve millennials and seniors. Each
residence, primary and granny, will have a small backyard.
We believe the upper portion of College Ave is best for site access. We are aware of
emergency vehicle access requirements. This will be the sole access for vehicles though
emergency access will remain for Dittos. Driveways and garages will be located directly off
this area to enhance the site development. A pedestrian and bike path will remain for
Dittos Lane. The trees, which border College Ave, will remain to retain a natural screen for
the neighbors.
We will seek additional funding from various entities and foundations for the project to
help lower home costs.
I look forward to working with you in the future.
Tony Alarcon
Cell 4084604845
Email Talarcon@LegacyWealthVentures.com