Norwich downtown revitalization fund offers nearly $10M

Norwich - When you add the $3.38 million in city bond money in the downtown revitalization program, and the required private investment shares by participating property owners and businesses along with the $1 million a nonprofit business loan agency added to the program, the value approaches $10 million, according to the city official overseeing the fund.

Robert Mills, executive director of the Norwich Community Development Corp., called the $10 million figure "the market value" of the combined investments by the city, the building owners and businesses and the Meriden-based Community Economic Development Fund.

Although the three programs already are under way, NCDC will hold two informational sessions at the end of this month as an official launch of the downtown revitalization program.

The sessions will be held on Thursday, Sept. 29, from 3 to 5 p.m. and Friday, Sept. 30, from 7:30 to 9:30 a.m. at the Courtyard by Marriott, 181 West Town St., Norwich.

Mills said he hopes local real estate brokers, building owners, downtown business owners and anyone interested in locating a business in downtown Norwich will attend one of the sessions. One or two more sessions are being planned before the end of the year.

The sessions will start with a presentation outlying the three revitalization programs.

CEDF will manage the now $2 million revolving loan fund - the nonprofit added $1 million to the city's pool of money - to be used as a 50 percent guarantee to primary lenders willing to work with start-up businesses and small businesses expanding in downtown Norwich. The loan funds would be held until the loan is paid off and then released back to the city for future loans.

The revolving loan fund is one of three downtown revitalization programs approved by voters in a referendum last November.

A building code improvements plan contains $1.84 million to be used as matching grants to property owners and a $500,000 rental subsidy program for downtown commercial facilities is designed to boost building occupation.

c.bessette@theday.com