Suffield’s Second Chance Shop sports a new outdoor sign courtesy of a town TIF grant, according to its president, Ellen Peterson.
The new 2’ x 14’ polycarbonate sign sits atop the Second Chance Shop at 116 Mountain Road.
The grant funded 80% of the $1,700 cost, said Peterson. “Our old sign predates my shop involvement. It was made up of two images. One showed our logo, and the other, our name, on mismatched white backgrounds. It was lit by fluorescent bulbs that stayed on day and night.” The new sign is lit by more economical LED lights controlled by a photocell that turns them off when the sun is out.
Peterson got the idea to upgrade the sign after First Selectman Colin Moll explained the TIF program to her late last year.
TIF stands for Tax Incremental Financing. Under state law, towns like Suffield set up TIF business districts. In Suffield’s case, a portion of the property taxes paid by the businesses in the district goes toward a dedicated fund that finances improvements to those businesses through grants. The state allows the funds to be used for a variety of purposes. Suffield’s TIF business district, created in 2017, includes Main Street and Mountain Rd firms.
According to Suffield’s Economic Development Specialist, Chad Kuzontkoski, the TIF fund account only started awarding grants in January after accumulating $300,000 in tax revenue funding. Since then, it’s handed out 23 grants in two offerings and may add more offerings in the future as the account is replenished.
He said that when grants are available, businesses in the district can apply for up to $25,000 to pay for improvements such as window replacement, new lighting and interior upgrades that could increase their value while maintaining the town’s character. The grants pay for 80% of the improvements.
Peterson said The Second Chance Shop is grateful for the support shown by the town. “Since we are a 100% unpaid volunteer organization, the TIF grant helped defray our expenses. So, it will boost our annual donation to The Village for Families & Children, our non-profit parent in Hartford,” she said.