The Jersey City Council will consider the first reading of a new special improvement district (SID) to help fund the Centre Pompidou project at Thursday’s meeting.
By John Heinis/Hudson County View
“When the #JerseyCity Council approved moving forward on Centre Pompidou X Jersey City we discussed instituting a Special Improvement District (SID) on the new high rise buildings in Journal Square to help fund the project and community arts programs there,” Mayor Steven Fulop wrote on X on Saturday.
” … When I presented to the council and community we showed a conservative framework with this SID bringing in $1 million per year and the actual proposed district that we are moving forward will end up yielding closer to $2 million as proposed – so we are on target as presented + we told the community we were conservative with our estimates to make sure we can achieve it and this will prove to be true.”
Fulop first mentioned the concept of a Cultural Arts Special Improvement District, as it is referred to in the ordinance, at a Journal Square Community Association where he fielded questions about the project for four-and-a-half hours.
The Jersey City Council approved a 30-year tax abatement at 808 Pavonia Ave. for the KRE Group via a 6-3 vote, with Councilmen Rich Boggiano, James Solomon, and Frank Gilmore voting no, four days after the JSQCA meeting, as HCV first reported.
The measure up for first reading on Thursday noted that second reading will not be any earlier than the December 11th council meeting “to allow time for mandated notification to effected property owners.”
Additionally, a nonprofit known as the Cultural Arts Management Corporation will be the public entity that runs the SID, which will have a board of trustees that consists of seven people.
One will be appointed by the mayor, one will be a council designee, and one will be the director of Housing, Economic Development and Commerce or his/her designee, who will then select the other four trustees.
The Jersey City Council convened for their caucus meeting this afternoon at 4 p.m. and they will meet for their regular public session on Thursday at 6 p.m., which will also stream live on Microsoft Teams.
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