NORWICH — The City Council is considering a $8.47 million bond ordinance for Norwich’s economic revitalization initiative to spur economic development in the city.

At a special meeting of the council on Tuesday, Norwich Community Development Corporation president Robert Mills presented a proposal for an expansion of the city’s downtown revitalization bond program.

Mills provided statistics and data on the status of the $3.38 million bond program approved in 2010. Mills said that $2.47 million of that money has been spent or committed, resulting in $22.8 million of economic impact to Norwich. He said that investment has resulted in 124,000 square feet of improved space across 17 downtown properties.

“We have put nearly $23 million into the local economy over the life of these projects,” Mills said. “That’s a return of $9.22 to our economy for each dollar invested.”

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NORWICH — The City Council will meet on Tuesday for a special meeting to discuss the possibility for expansion of Norwich’s downtown revitalization bond program.

Mayor Peter Nystrom said that during Tuesday’s meeting, the Norwich Community Development Corp. will be presenting to the City Council a review of the current downtown bond program, the impact it has had on the downtown area, and determining whether to ask for voter approval for an expansion of the current bonding program.

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Norwich — The City Council will hold a special meeting Tuesday to hear presentations on Mayor Peter Nystrom’s proposal to seek voter approval for a second economic revitalization bond, possibly totaling $8.5 million, and to expand the incentive program outside the downtown.

Voters approved a $3.38 million downtown revitalization bond program in November 2010 that funded a matching grant program for building upgrades, a lease rebate program to boost building occupancy and a loan program for development. The programs are administered by the Norwich Community Development Corp., the city’s economic development agency.

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