Mayor Fulop announced yesterday that he’s taken the first in creating an Exchange Place Special Improvement District (SID). Once created it will become the city’s sixth SID.
SID’s take on numerous functions, all of which center around improving and promoting their districts and the businesses within them. The Historic Downtown Special Improvement District, for example, hosts the weekly farmers market at the Grove Street PATH plaza, organizes various events throughout the year such as Groove on Grove and All About Downtown, as well as taking on cleaning and maintenance responsibilities.
Due to the large number of offices in the Exchange Place area, it suffers from a 9am – 5pm weekday existence and tends to be quiet the rest of the time. With the creation of the new Echance Place SID, the hope is to transform the area into a full-time destination for Jersey City residents as well as visitors.
SID’s are funded via special assessments on the local businesses. The added costs is justified by the understanding that the SID will garner more attention for the area and as a result bring in more foot traffic to the businesses.
The newly created Exchange Place SID advisory board will eventually present a proposal to city council who will then create legislation to establish the new SID.
