An $8.8 million proposed Main Street renovation project got a second chance at city support through the city’s federal American Rescue Plan grant Monday. The City Council voted 6-0 to approve $800,000 for the project, two weeks after stripping the funding by setting limits on amounts for single projects. Developer Norwich Luxury Apartments LLC has proposed renovating the two buildings into 42 market rate apartments and eight commercial spaces on Main and Water streets. The developer purchased the property in August for $1.8 million. The City Council Monday granted the $800,000 to NCDC, specifically for the Main Street project — a $400,000 matching building code upgrade grant and a $400,000 loan. NCDC President Kevin Brown said the Main Street project would bring private investment downtown, and when the project is completed, it would yield an estimated $128,000 in city property taxes. Norwich Public Utilities General Manager Chris LaRose said the finished renovation also is expected to bring in about $100,000 in utility revenue to NPU, which then distributes 10% of its revenue to the city.
https://www.theday.com/local-news/20210920/norwich-city-council-approves-800000-support-for-88-million-main-street-development