NORWICH – The city is seeking a buyer for the three-story commercial buildings occupying 42 and 44-46 North Broad St. and hopes for a new business to attract consumers in the area.
The properties have recently undergone tax foreclosure, forcing the buildings’ owner and previous tenants to relinquish the properties to the city. The city is now finishing the final paperwork to officially obtain the title for the 4,740 sq. ft. and 9,534 sq. ft. buildings. Both are in need of extensive rehabilitation, and the city aims to find a buyer with vision and the necessary resources to restore them.
“It has to be a commercial downstairs,” said City Mayor Joseph Maiurano, adding that the city is reluctant to sell the buildings to anyone without a tentative business plan. Current zoning laws allow for office or residential space on the second and third floors, but Maiurano said there is a need for a local business to be established on the first floor of the vacant buildings.
“If someone is making money, the community is making money,” he said. “Another business in that area would hopefully increase traffic,” he added, explaining that other businesses would also benefit from consumers drawn to the area. The city would also greatly benefit from the increased amount of sales tax, he said.
“Every day, we lose out on sales tax ... the lack of revenue has raised other taxes. If revenue in the area goes up, we can keep taxes from going up,” he said.
The proposal request form for both buildings calls for a potential buyer with experience and capability to undertake the property rehabilitiation project. The city encourages applicants to posess the necessary background needed to avoid similar foreclosure in the future.
The city, however, hasn’t ruled out the possibility of a state-funded grant available for the rehabilitation of the property in the future.
Presently, there is no grant money available to the city or potential owners for the restoration project. “There was no grant given to the previous tenants that I’m aware of,” said City Planning and Community Development Specialist Todd Dryer. “Third round grant money seems to be fully subscribed,” he added. “If BID applies for Main Street funding, potentially some money could be available.”
According to Maiurano, there is nothing that is keeping the city from restoring the buildings and renting out commercial and residential space, but it’s not an option the city is actively seeking. Though funds like the Restore NY Grant allowed for other city-owned properties to be restored, that money is no longer available, making it impossible for the city to invest in these properties.
“We don’t want to be in the real estate business. We don’t want to be landlords,” said Maiurano. “We want to sell to someone who has a purpose for the building.”
Maiurano said that a low price for the building acts as an incentive to a potential buyer. “It’s a fairly modest price,” said Dryer, restating the need for extensive work on the buildings.
Anyone interested in the buildings are encouraged to obtain a request for proposal from City Hall or to call the planning and community development office at 334-1229.