NORWICH – The Norwich Business Improvement District Management Association Inc. (BID) has been awarded $500,000 to assist downtown property owners located within the Business Improvement District with important building improvements. This assistance will be directed towards projects that alleviate health and safety issues, restore historic properties, encourage economic development and create or renovate apartment units.
The BID will provide matching grants of up to $50,000 per building for first and/or second floor commercial and façade improvements, plus an additional $25,000 for each residential unit, not to exceed 75% of the total project costs. The owner’s contribution or match, therefore, is 25% of eligible project costs. Total grant assistance will not exceed $150,000 per building and will be subject to the availability of grant funds and the project’s consistency with the BID’s Design/Review Committee selection criteria. Only commercial or mixed use property owners within the BID are eligible for funding.