Getting the historic and architecturally striking Ponemah Mill complex renovated and converted to upscale apartments would be a transformative event for the Taftville section of Norwich, where it is located. That is why the Norwich City Council made the right decision last week in reworking tax breaks necessary for the developers to bring the monumental development plans to fruition.

The five-story brick mill building, with its two stair towers that rise almost twice as high as the main structure, looms over the village. When opened in 1871 it was among the largest textile mills in the nation and operated for a century as a mill.

Its future is at a crossroad. If the development project is successful, the influx of new residents and the restored building should energize the village, generate new commerce and lift property values. Conversely, if this effort fails, Ponemah may be fated to the slow deterioration or the rapid destruction experienced by many mills of the same era.

Developers Ponemah Riverbank LLC peg the renovation cost at $60 million, a number that may prove optimistic. The 15 years of tax abatements granted by the council are a reasonable concession to improve the feasibility of the renovation effort. The abatement forgives 75 percent of property taxes on the improvements made in the first five years, 50 percent in the next five years, and 25 percent in the final five years.

Riverbank will continue to pay property taxes based on the existing assessment, with the bill this year $65,622.

Its location overlooking the Shetucket River, its large windows and open spaces, easy access to Interstate 395 and historic roots should make the future apartments attractive to renters, if development proves practicable. A $25 million first phase would renovate all five floors on the southern half of the main building into 116 apartments. The entire mill complex, with multiple structures, consists of five separate properties, all in control of the current developer.

Elected city officials also need to continue working with the developer to access state grants. Tax breaks to developers can be abused, but in this case, they make good fiscal and economic sense for the city.