Exchange Place to become sixth SID in Jersey City

JERSEY CITY – Mayor Steven M. Fulop announced on April 20 that he has created an advisory board, the first legal step required, in order to codify the creation of the Exchange Place Special Improvement District – the sixth SID in the city.
The goal of the Exchange Place SID is to change the Jersey City waterfront from a community that is mostly active only 9 a.m. to 5 p.m. on weekdays into a place that attracts visitors regionally.
Special improvement districts support the business growth of an area while providing maintenance services, capital improvements and event programming for the district they serve. They create an added assessment for membership which is used to enhance programming. For example, many of Jersey City’s special improvement districts host farmers’ markets, concerts and other community building events that promote the city as a destination for commerce and culture.
“Special Improvement Districts have played a strong role in the growth of Jersey City’s small businesses and work closely with local neighborhood associations to add vibrancy to a community,” said Mayor Fulop. “An Exchange Place SID would enhance the already bustling commercial district and further develop Jersey City as a destination by providing increased services and programming to be enjoyed by employees, residents and visitors to Jersey City.”
The Exchange Place SID advisory board, created last week by executive order, is the first step in the process per city statute in establishing a new Special Improvement District (SID). The seven-member committee will review the proposal and make recommendations to the council, who would then create legislation establishing the SID later this summer.

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