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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