NORWICH – Although the City of Norwich currently has six community and economic development loans that are behind in payments in one way or another, Mayor Joseph Maiurano and Finance Director William Roberts say that is expected, and the situation is being handled.
For several months, the Common Council has dedicated time to discussing the status of the city’s 13 outstanding economic development loans. At Tuesday’s meeting of the Common Council, Fourth Ward Alderman Walter Schermerhorn told the council the 13 loans totaled $307,100 as of Oct. 31. Of the 13, seven loans are current and five of those are ahead on their payments. The current loans total $144,900. However, six loans, totaling $162,200, or 53 percent of the total amount, are behind in payments. Schermerhorn, who is the chairman of the Finance / Personnel Committee, requested a plan and a timeline for dealing with the past due loans to be presented at the next finance meeting on Dec. 4.