Norwich — The development agreement between the city and the Women's Institute for Housing and Economic Development for the Reid & Hughes building was signed by the two parties Thursday afternoon, launching the 90-day period for the institute to secure funding to stabilize the building.

City Manager John Salomone said the 90-day period will begin Friday morning.

The City Council on Monday unanimously endorsed the development agreement, which calls for the institute to develop the long-vacant former 19th century department store at 193-201 Main St. into rental housing with retail space in the Main Street storefront. The agency has estimated the project to cost $6 million to $7 million.

The deal gives the institute 90 days to secure the estimated $400,000 to $500,000 needed to stabilize the building from further decay and then 120 days to complete the stabilization work.

After that, the group will have 36 months to secure financing for the renovation project and another 36 months to complete the work.