At its April 2021 Board meeting, the NPU Board of Commissioners approved increasing its annual financial contribution to the Norwich Community Development Corporation (NCDC) by $75,000, bringing its total support for Fiscal Year 2022 to $225,000.
“NPU has not increased its level of financial support for NCDC since the inception of this important organization, and given the significant growth we’ve seen in our revenues during the same time, an increase in our support on this scale is a prudent step,” said Bob Staley, Chairman of the NPU Board.
“Economic development is the first priority of the NPU Board, and with NCDC going through a time of transition in addition to addressing the impacts of the pandemic, we all agree that we should provide additional support for NCDC,” said Staley. “As the economy starts to show signs of recovery, it makes sense for us to increase our support NCDC and the critical work they are doing.”
As part of its FY2022 budget, the NPU Board approved its annual contribution to NCDC of $150,000 but also set aside an additional $467,000 that could be used to support economic development with Board approval. The increased support for NCDC will be drawn from these funds.