Norwich ― The Norwich Community Development Corp. on Thursday voted to purchase 17 parcels in the Occum area that will comprise the proposed Business Park North.

At a special meeting, the NCDC Board of Directors voted unanimously to purchase the 384 acres on Canterbury Turnpike, Lawler Lane, Scotland Road, Route 97 and along Interstate 395 for $3.55 million.

The board also voted unanimously to secure a $3.1 million mortgage from New York-based Braavos Lending LLC for the project. NCDC already has paid $575,000 to the current owners M&A Holdings LLC and Byron Brook Country Club LLC in deposit and option fees that count toward the purchase price. The loan will cover the purchase, closing costs and legal fees.

Mayor Peter Nystrom and Aldermen Stacy Gould and Swarnjit Singh, abstained from voting.

“Securing the financing for this important project is great news for NCDC and for Norwich,” said NCDC Board Chair Rebecca Alberts in a statement announcing the decision. “With the approval by our Board, we are taking another big step toward an economic development initiative that will bring new jobs, tax revenue and utility revenue to Norwich. This is the right opportunity at the right time for our city.”

“The agreement between NCDC and Braavos provides the time and flexibility necessary to make a great property even more attractive for shovel-ready development,” added NCDC President Kevin Brown.

He said a national effort to generate 30 gigawatts of offshore wind by the year 2030 means that the park “is well-positioned to meet the impending growth in manufacturing and logistics that support the future of the offshore wind supply chain.”

NCDC said it has already had discussions with a variety of companies interested in locating their operations in the park.

Under the terms of the loan, Braavos will provide $3.1 million to NCDC to purchase the property. The loan is for 24 months at 10% interest, with a 1% fee ($31,000) paid on the principal amount at the end of the term.

Under the terms of the loan, NCDC said it will will “pay the full loan amount, plus the interest and fee, at the end date of the loan, funded through a variety of potential options, which include but are not limited to the sale of individual lots on the property and the subsequent sale of the property to a real estate investment trust (REIT).”

It said an extension of the terms and conditions of the loan may be available.

Also on Thursday, the state Bond Commission approved a $500,000 planning grant for the proposed business park, and NCDC intends to apply for state and federal grants in 2023 to develop a proposed access road and dedicated ramp off Interstate 395 at Exit 18 as well as utility infrastructure.

The purchase comes as NCDC is in the process of requesting a zone change to create a Business Master Plan District for the entire parcel. The City Council, which also serves as the zoning board in Norwich, held a two-hour public hearing on the zone change request Monday and will continue hearing testimony at its meeting at 7:30 p.m. Monday, Dec. 19 at Kelly Middle School.

Occum area neighbors have come out in force to oppose the project, calling it inappropriate for the rural, residential area. The land already is zoned for general commercial or planned development. The proposed business park zone would reduce the types of commercial businesses allowed on the property, but during Monday’s public hearing NCDC officials said they are requesting building heights of up to 80 feet, something neighbors opposed.

NCDC officials have called the property the last remaining large tract of developable land in the city. The current business park is more than 90% full.

c.bessette@theday.com