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Re: Exchange Place to become sixth SID in Jersey City
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Waterfront makeover is a go

Exchange Place Special Improvement District budget approved

A divided City Council approved a $3 million budget for the newly-established Exchange Place Special Improvement District on July 19, despite only getting the actual details just prior to the vote.

The SID will aim to promote more cultural programming, make capital improvements, and energize the Jersey City waterfront. This could include paving of streets that are currently in what one council person called “deplorable” condition, and other improvements.

The sixth SID to be established in Jersey City, the Exchange Place funding will differ from the others. It will come from property owners based not on square footage along the main shopping districts such as on Central Avenue in the Heights or Journal Square, but on the total assessed value of property in the district.

The Exchange Place SID covers an area that includes the Goldman Sachs tower at Essex and Hudson Streets, Harborside Plaza 10 on Second Street, and 70 Hudson, 90 Hudson, 101 Hudson, 30 Montgomery St., the Harborside properties, and the Hyatt Hotel, as well as others.

The vote was not without controversy. Councilmen Michael Yun and Richard Boggiano voted no, saying they needed time to look at the spending portion of the budget, which they received just prior to the public meeting.


Posted on: 7/31 11:58
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Re: Exchange Place to become sixth SID in Jersey City
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First step toward a waterfront business district

Council approves Exchange Place SID over objections of Colgate

HUDSON REPORTER:  by Al Sullivan  Reporter staff writer -  Dec 18, 2016

Even though the action could trigger a lawsuit, the City Council adopted an ordinance at its Dec. 14 meeting establishing a new Special Improvement District for Exchange Place.

The Exchange Place SID will be funded differently from other SIDs in the city, in which businesses pay into a fund via a special tax. Traditional SID taxes are based on the square footage of a business. Exchange Place is home to numerous skyscrapers housing large banking and real estate companies and the new SID will base its tax on the property values of those buildings.

According to the ordinance, the SID will clean and maintain the area and make capital improvements to create an inviting place to live and play.

Representatives of owners of the former Palmolive Colgate properties at the southern end of the proposed SID have raised objections to the ordinance. They asked to either be excluded from the SID or to become members of its advisory board.

Colgate Properties, which is comprised of eight property owners, already maintains some of the waterfront walkway at about $500,000 annually, and questioned their estimated $600,000 annual contribution into the SID.

Posted on: 12/18 15:18
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Re: Exchange Place to become sixth SID in Jersey City
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Exactly. It's this type of insidious crap that makes it such a struggle to start a business.

Posted on: 2016/4/21 17:46
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Re: Exchange Place to become sixth SID in Jersey City
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Aside from being another form of taxation, it's like a cancer. Once you have it, it's very difficult to get rid of. Journal Square and Downtown are perfect examples. Mainly self serving, doling out fat bonuses and top heavy with overhead. Need more money? Just raise the assessment, or expand the borders. Once the property owner realizes what has happened, it's too late.

Posted on: 2016/4/21 15:43
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Re: Exchange Place to become sixth SID in Jersey City
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An SID gives the mayor more money to hire people in positions of Director of a SID and other jobs. Now more people owns him political favors.

Posted on: 2016/4/21 12:48
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Re: Exchange Place to become sixth SID in Jersey City
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Quote:

Adonis wrote:
I see. So it's just another instance of treating businesses as an open wallet for government spending. How nice.


Not necessarily. Although I don't know the exact boundaries that will be used to define the SID, they are unlikely to change the fact that Exchange Place is very different from JSQ. Much more corporate. A couple of large hotels (who would benefit significantly from increased activity and improved amenities) occupy a decent amount of the space, as do large office buildings and PATH. I can't imagine this would be done without their interest, especially given the gubernatorial candidate's insatiable need for future campaign contributions and the propensity of large corporations to provide same.

Posted on: 2016/4/21 12:44
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Re: Exchange Place to become sixth SID in Jersey City
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I see. So it's just another instance of treating businesses as an open wallet for government spending. How nice.

Posted on: 2016/4/21 12:14
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Re: Exchange Place to become sixth SID in Jersey City
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I recall talking with a property owner in the Journal Square SID he was paying $900 a year. It is based on frontage length his property was 25 feet.

You can see the various SID assessments if you look up a property in the JC Online Tax system.

Posted on: 2016/4/21 12:09
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Re: Exchange Place to become sixth SID in Jersey City
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Quote:

Adonis wrote:
Somehow I don't think the "assessment" imposed on businesses within the SID is voluntary. It's another tax with purported benefits that may or may not materialize.


It is not voluntarily, private property that is not commercial in a SID do not receive an extra tax bill the the rest do. People complain at council meetings all the time about this extra tax.

Posted on: 2016/4/21 12:06
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Re: Exchange Place to become sixth SID in Jersey City
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Somehow I don't think the "assessment" imposed on businesses within the SID is voluntary. It's another tax with purported benefits that may or may not materialize.

Posted on: 2016/4/21 11:59
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Re: Exchange Place to become sixth SID in Jersey City
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Azul_the_Cat wrote:
Is this really needed? Once all the condo towers being built in EP come online, wouldn't this happen naturally?


Kinda agree - but isn't this only done because the current property owners want the sid? In other words, it's not something being forced upon them by the city against their will?

Posted on: 2016/4/21 11:25
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Re: Exchange Place to become sixth SID in Jersey City
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An SID means JC can how give commercial property owners a second tax bill. This is from the mayor who says he is not increasing taxes.

Posted on: 2016/4/21 11:18
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Re: Exchange Place to become sixth SID in Jersey City
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Is this really needed? Once all the condo towers being built in EP come online, wouldn't this happen naturally?

Posted on: 2016/4/21 9:59
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Exchange Place to become sixth SID in Jersey City
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Exchange Place to become sixth SID in Jersey City


HUDSON REPORTER - Apr 20, 2016 |
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.

Posted on: 2016/4/21 0:26
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