When financial discussions were renewed in the wake of the 2013 fiscal year municipal budget's defeat at referendum, the first meeting brought the dismaying news that the city had a bigger than expected gap to fill. Finance Director Jeff Smith told city councilors that the new budget should account for a number of unexpected occurrences in the first part of the fiscal year (which began on July 1) to ensure that costs and revenue shortfalls were accounted for.
One of those shortfalls: the rent from the Savings Institute Bank and Trust. Set up in the city-owned building at 13 Masonic Street, the bank closed its New London branch at the end of the year. With it went half of the rent the city had anticipated for the fiscal year. It was the second New London bank branch to close in 2012, following Bank of America's decision to withdraw from its State Street building.
The Savings Institute Bank and Trust was set up by a Connecticut legislative act in 1842. Its listing on Patch says the New London branch had been in the city for over 40 years as of 2010. The bank's website lists 20 remaining branches and ATMs, with the closest ones in East Lyme, Groton, Mystic, and Norwich.
This space is located next to the post office and across the street from City Hall and the Harris Building. What do you think should be located here?