Through an executive order, Bayonne Mayor Jimmy Davis has named an advisory board to create a special improvement district at the Military Ocean Terminal that will include Business Administrator Joe DeMarco and Chief Financial Officer Terrence Malloy.
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The executive order, listed in the officers’ reports section of yesterday’s city council agenda, is retroactive – creating a SID at the MOT effective November 1st.
In addition to DeMarco and Malloy, Davis’ appointed Vice President of Boraie Development William Boraie, Mahalaxmi Bayonne LLC Manager Raj Gupta and Tantum Group Founder Deborah Tantleff to the advisory board.
At the council meeting, Bayonne resident Melanie Flora wanted details about what the SID board will do and what the overall plan is.
“We want to create a special improvement district. We have like a UEZ district, another one in town, so that’s a special improvement district where the residents or owners in that district pay extra into a fund that they can manage to main their public walkways, the parks, to possibly subsidize the ferry,” explained DeMarco.
Flora then again asked for more specific information about what the board will do.
“They will create the organization and then create the bylaws, the backbone of the organization: how many members it will have, what the formula would be in terms of contribution – whether it’s on square foot commercial space, whether it’s on a residential door, whether it’s based on assessed value – then they will set how that money will be spent,” DeMarco added.
The BA continued that the advisory board would not have a final say on what gets done at the SID, they will only be acting in a managerial role.
Back in December, DeMarco’s brother, Mack-Cali Reality Corporation President Michael DeMarco, spearheaded an effort to get a special improvement district created at Exchange Place in Jersey City.
