March 2012
Watch for a ‘New Face’ on Main Street
Scott Capano, owner of the Harp & Dragon Pub, is the new owner of the Plaut-Cadden Building at 146 Main Street. At a tax foreclosure auction Saturday March 3, he was the winning bidder for the historic five-story building. Telling the press that he had ‘ideas’ for what he could do with the building Scott noted that his first efforts are going to be taking the next 60 days to clean it out and fix the façade; that ‘new face’ will be a welcome sight to City residents and downtown workers alike.
Scott is known in Norwich as a businessman that is dedicated to the community and the downtown; this downtown investment is his third. The Harp & Dragon Pub at 130 Main Street very quickly became so popular that he expanded the restaurant and pub into the adjacent building, doubling the establishment’s size. Quoted in The Day, Alderman Tucker Braddock said, “It’s great when a downtown businessman invests in another downtown building.” NCDC echoes that sentiment. “We’re looking for people like Scott to step up and actually develop business spaces. He’s not just an investor looking to ‘flip’ buildings, he’s a downtown businessman working to turn around a blighted structure and make it productive again.” said Bob Mills, NCDC’s Executive Director. “We have no doubt that Scott has the vision, business acumen and commitment to the City to do just that.”
Scott has indicated that he is interested in making use of the financial incentives offered in the three downtown revitalization programs which were rolled out in July 2011. The code correction program offers a matching grant for correcting access and fire/life/safety deficiencies that might exist on the upper floors of that building; the revolving loan program can help with construction and repair costs, and the lease rebate program can be used as an incentive to attract commercial tenants.
NCDC applauds Scott Capano for taking on this building and creating a gain for his business and a gain for his city and we’re looking forward to seeing what the building will become. NCDC stands ready to work with Scott as he rehabilitates the site and we are committed to facilitating the process for accessing the revitalization programs.
Over the next several months we will be dedicating a section of our e-news letter to informing you about local, state and federal incentives you may find useful to your business. We will choose two incentives each month and let you know a little more about them.
An exciting new program just released by the Connecticut Department of Economic and Community Development is the Job Expansion Tax Credit (JET). Connecticut businesses can be eligible for tax credits of $500 per month for each full-time job created. This amount can be increased to $900 a month if the new hire is receiving vocational rehabilitative services from the Bureau of Rehabilitative Services, receiving unemployment benefits, or is a veteran employee who, at the time of hiring by the taxpayer, is a member of, was honorably discharged from or released under honorable conditions from active service in the armed forces.
What does this mean for your business and are you eligible? If you are a business with under 50 employees and want to hire at least one new employee, are a business with 50 to 100 employees and want to hire at least five new full-time employees, or are a business with over 100 employees and want to hire at least 10 new full-time employees the answer is, yes you are eligible. This credit can be applied against: Insurance premiums tax under chapter 207 of the general statutes, corporation business tax under chapter 208 of the general statutes, utilities company tax under chapter 212 of the general statutes and income tax under chapter 229 of the general statutes. For more information about this program you can contact Lindylee Gold from DECD at 860-270-8073 or by email at Lindylee.gold@ct.gov.
Now that you have decided you are going to hire, how will you train new hires at your business? The Connecticut Department of Labor Step Up program can help. The Step Up program is a subsidized training and employment program to promote job creation and worker opportunity for Connecticut small businesses and unemployed workers. To be eligible for this program workers must: be unemployed prior to hire and be a resident of a municipality that has an unemployment rate equal to or higher than the state rate as of September 1, 2011, or reside in a town with a population of 80,000 or more, and have an adjusted family income equal to or less than 250% of the federal poverty level. You as a business will be eligible for this program if you are a small business or manufacturer with less than 50 full-time workers, are Connecticut based with operations in Connecticut, have been registered to conduct business in Connecticut for not less than 12 months, and are in good standing with your state and local taxes. The wage subsidy continues for 6 months on a salary of up to $20 per hour. The first month you receive 100 percent, the second and third months you receive 75 percent, months four and five you receive 50 percent and month six you receive 25 percent. There is also a Small Manufacturer Training Grant Program which is similar but has slightly different eligibilities and subsidies. For more information on this incentive you can contact Kathy Chartier at 860-859-5767.
Senior Resources Moves To Business Park
NCDC would like to welcome Senior Resources to the Norwich Business Park. They have teamed up with Disabilities Network of Eastern Connecticut, the Connecticut Chapter of the Alzheimer’s Association and CRIS Radio at 19 Ohio Avenue to make a one stop shop for senior resources!
Thank You
NCDC and Norwich Public Utilities would like to take this opportunity to thank James Sullivan for his years of work with the NCDC Board. Mr. Sullivan was awarded a certificate and award at the last NPU Board of Commissioners meeting. Mr. Sullivan served 22 years on the NCDC Board as NPU’s commissioner representative. Thank you for your expertise, dedication and commitment to NCDC and the City of Norwich.
April Showers Bring May Flowers
April showers usually bring May flowers, but not in Norwich. In Norwich they will bring the popular burger chain Five Guys Burgers and Fries “Where Burgers are Boss”. Five Guys will soon open at 5 Salem Turnpike at the old Tim Horton’s building. Five Guys prides itself on serving only hand‐formed fresh ground beef burgers cooked on a grill and fresh cut fries cooked in peanut oil. You won’t find any freezers at Five Guys, only coolers, nothing is ever frozen! Twenty years after it first opened, Five Guys has over 900 locations nationwide. It’s no wonder, you could go to Five Guys every day for 684 years and never have the same burger twice; they have an estimated 250,000 combinations. Now that your mouth is watering and you are ready to hop in the car and drive on down, you will have to wait until mid to late April. A representative from Five Guys expects an opening date between April 15th and the 25th. This is just another in a quickly lengthening chain of new businesses in the Norwich area. “Look at what’s happening at the Norwichtown Mall and at the marina. There is a lot of initiative and a lot of good work going on around here,” said Nancy Gray, president of the Norwich Area Chamber of Commerce as quoted in the Norwich Bulletin.
Featured Property
9-15 Main Street
Standing majestically at the City’s most prominent gateway is the Carroll Building - commonly known to locals as the Flat Iron Building. Built in 1887 for merchant Lucius Carroll this graceful lady has seen numerous establishments display their wares in her windows and fill her spacious floors with activity. Her 16,000 total square feet of space is distributed among five floors; each possessing spectacular views - the harbor on one side and charming Church Street on the other. Wandering around her many levels and rooms it is easy to imagine an eclectic grouping of split level residences with panoramic views, an art gallery, antique store or flower shop filling the street level storefronts. The top floor is a perfect setting for a boutique white tablecloth restaurant and night club; entering the first floor on Market Street one only needs to step through the doorway to imagine you are in an old English pub - brick walls and walnut paneling. A true diamond in the rough - interested? Call NCDC at 860-887-6964 for contact information.
Upcoming Meetings
Next Board Meeting:
April 26, 2012
7:30 AM
77 Main Street
Norwich, CT
