Many have been wondering the status of the partially completed hotel off of I-395 at exit 80 that was started in 2007. The City of Norwich, NCDC and Winston Hospitality have been working for about 12 months to figure out a solution to a difficult situation. After exhausting alternative approaches, the City Council appointed NCDC to work with Winston to create a Municipal Development Plan (MDP) that would provide the City the opportunity to work creatively to find a solution. Below is the resulting MDP for public consumption. The Press Release outlines the MDP process underway. You can also see the analysis NCDC did for the City Council on Tax Increment Financing (TIF) where new tax revenues are used to pay off debt incurred to execute the development.
