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Council tables $100,000 blight-fund request for TDC; consultant says initial drawdown likely $10,000–$15,000
Summary
The Council on Feb. 17 tabled a request to allocate up to $100,000 from the City's Blight Fund to the Torrington Development Corporation pending a formal breakdown of expected expenses; TDC consultant Valerie Ferro said a $10,000–$15,000 drawdown is anticipated in the next 60–90 days.
The Torrington City Council voted Feb. 17 to table consideration of a request to allocate up to $100,000 from the City’s Blight Fund to the Torrington Development Corporation (TDC) for rehabilitation and safeguarding costs related to properties at 93 Main Street and 30 Maiden Lane.
Valerie Ferro, president of Good Earth Consulting LLC and a consultant to the TDC, answered councilors’ questions about the request. Ferro said the TDC does not plan to spend funds immediately unless it needs to return to court and incur legal or appraisal fees; she said the organization anticipates an initial drawdown of approximately $10,000 to $15,000 within the next 60 to 90 days but that future expenditures are unknown.
Councilor Chris Beyus asked whether the TDC could provide a list of potential expenses tied to the $100,000 request. Ferro agreed to prepare a basic breakdown and provide it to the Mayor. On a motion by Councilor Beyus, seconded by Councilor Oliver, the Council voted to table the allocation pending satisfactory review of documented expenses and lien security requirements (as permitted under C.G.S. Sec. 8-169aa and related provisions).
Council materials noted that any disbursement would be secured by a lien as permitted by C.G.S. Sec. 8-169aa(c)(6)(B) and would be released only upon satisfactory proof of expenses.
