Veronica tells Archie that she's tired of coming second in his affections and demands he give up his first love. So Archie dumps Betty, not realizing that Veronica was talking about Riverdale High, which is taking up all his time.
Veronica comes up with a way to save Riverdale's crumbling infrastructure: change the name of the town to "Lodgeville" so her father will be willing to pour his money into rebuilding it. Everyone seems to like the idea except Archie.