Town Center Development - Centered & Strong

Bloomfield’s Downtown redevelopment is addressing years of decline caused by shifts in demographics, shopping habits, and competition from surrounding areas. The Town Center had been left with vacant properties, outdated infrastructure, and low community pride, threatening its future as a thriving hub. This redevelopment is transforming that narrative, laying the foundation for a brighter, more vibrant future for our town.

We are reimagining the heart of our community by investing in key improvements like enhanced sidewalks, inviting decorative lighting, and shared parking. These changes aren’t just improving functionality—they are creating a space where people are proud to gather, work, and live. Through financial incentives, we are bringing property owners and businesses together to drive new investment, turning the Town Center into a destination that reflects Bloomfield’s energy and potential. Every step we take demonstrates that Bloomfield believes in its future and is committed to achieving it.

Bloomfield's Tax Incentive Policy (Tax Abatement): Empowering Business Growth

The Town of Bloomfield offers a comprehensive Tax Incentive Policy designed to stimulate economic development and support businesses through temporary property tax abatements. This initiative aims to enhance the commercial and industrial tax base, create quality employment opportunities, and encourage sustainable building practices.

Key Objectives:

• Economic Growth: Increase the commercial and industrial tax base to at least 50% of the Town’s Grand List, enabling better services and infrastructure.

• Employment Opportunities: Reduce unemployment by providing quality jobs with competitive wages and benefits for residents.

• Business Retention and Expansion: Support existing businesses in their growth and expansion within Bloomfield.

• Sustainable Development: Promote the use of alternative energy and green technology in commercial building designs.

Eligibility Criteria:

To qualify for tax abatements, businesses should meet the following criteria:

• Economic Benefit: The project should positively impact Bloomfield's economy through significant capital investment and value-added products or services.

• Competitive Wages: Offer wages exceeding the median for similar positions in the Hartford labor market area.

• Employment Goals: Aim for at least 20% of new permanent jobs to be filled by Bloomfield residents and ensure a diverse workforce.

• Targeted Industries: Align with business sectors identified by the Town Council as priorities for local economic stimulation.

• Investment in Infrastructure: Invest in new constructions or expansions that increase the property's assessed value.

• Sustainable Design: Incorporate alternative energy and green technologies into building designs.

Abatement Details:

• New Businesses: Minimum capital investment of $1 million, with up to a 50% average tax abatement over a maximum of five years.

• Existing Businesses: Minimum improvement investment of $500,000, with similar abatement terms as new businesses.

By leveraging these incentives, Bloomfield aims to foster a thriving business environment that benefits both enterprises and the community. For detailed information and application procedures, please refer to the Bloomfield Tax Incentive Policy for Businesses.