Greater Norwich Area Chamber Of Commerce: Norwich Community Development Corporation Open Application For Norwich Revitalization Program

Norwich CT

14 February, 2022

4:24 AM

Description

Press release from the Greater Norwich Area Chamber of Commerce: February 10, 2022 Norwich, CT – Norwich Community Development Corporation (NCDC) is pleased to announce the opening of the application window for the Norwich Revitalization Program on February 14, 2022. Kevin Brown, President of NCDC issued the following statement: "We are thankful that the Norwich City council passed a resolution on September 20, 2021, to utilize American Rescue Plan funds to revitalize Norwich. Businesses both large and small and the city at large will benefit from this creative development program. We appreciate the business community's patience as we did our due diligence and framed up this program." The Norwich Revitalization Program (NRP) is a new incentive program created to reduce the risks and costs of making commercial spaces tenant ready. Approved projects will allow property owners and businesses to update their space with the end goal of creating available and accessible commercial space for new businesses or expansion of existing businesses. The NRP is a reimbursement style grant for projects geared towards 2 categories – Code Correction and Vanilla Box, along with grants for special enhancements or improvements.Code Correction focuses on bringing spaces into code compliance in the areas of electrical, fire, and ADA accessibility. Vanilla Box assists with preparations such as flooring, lighting, HVAC, and other cosmetic enhancements. NRP guidelines allow for a 50% match on up to $85 per square foot with a $300,000 total reimbursement cap allowed for any one project. Project costs will be estimated by the applicant, verified by an independent technical assistance team, and paid out only upon the completion of the approved work. The NRP can also be combined with Norwich Public Utilities incentives, rebates, and programs. The interest form can be found on the NCDC website – https://askncdc.com/programs-i... The application window opens on February 14, 2022 and closes on April 14, 2022. The Business Review Board evaluations are anticipated to take place on March 14, April 14, and May 16, 2022. The evaluations will determine highest and best use of available funds from among the applications received. Early application is encouraged. Final selections will be announced tentatively by May 20, 2022. Interested parties can learn more about this unique development program by contacting NCDC at 860-887-6964 or [email protected] is proud to partner with the City of Norwich, property owners, developers, and entrepreneurs to continue to revitalize our community. This press release was produced by the Greater Norwich Area Chamber of Commerce. The views expressed here are the author's own.