Special Improvement District In Hoboken Takes Leap Forward

HOBOKEN, NJ — Hoboken’s new Special Improvement District (SID) took a leap forward on Wednesday when the City Council officially adopted a $1.3 million operating budget for the fledgling entity.

Hoboken's SID – which will be administered by a nonprofit called the Hoboken Business Alliance – will be allowed to collect an assessment from commercial property owners. Those funds will then be reinvested back into the neighborhood.

Investments could include "streetscaping, street fairs and marketing tools for businesses, officials previously said. Learn more about SIDs in New Jersey.

An ordinance adopting the SID was passed by the Hoboken City Council and signed into law by Mayor Ravi Bhalla in July of 2019.

• See related article: Hoboken 'Improvement District' Approved, But Some Residents Worry

On Dec. 4, the council voted 8-1 to adopt the budget for the Hoboken Business Alliance (HBA).

Mayor Bhalla and Councilwoman Tiffanie Fisher, who occupies a seat on the board of the HBA, offered praise for the funding decision after Wednesday’s meeting.

“I’m thrilled that for the first time, Hoboken will now have dedicated resources to assist our small businesses through the adoption of the Hoboken Business Alliance’s budget,” Bhalla said. “Special Improvement Districts are a proven way to help revitalize local economies, and I have no doubt that our community will benefit from this dedicated funding source.”

“This is a historic moment for Hoboken that will bring the necessary focus and resources for the first time in over a decade to grow our local economy,” Fisher said. “Our local businesses are the backbone of Hoboken’s economy and at the heart of what attracts people to live in and visit our urban village.”

Some Hoboken residents and community members have expressed concerns about the city’s new SID, however.

When the council approved the creation of the HBA in July, several 3rd Ward residents took to the floor to express concerns about possible higher taxes without enough benefits to justify them.

A feasibility study for the Hoboken SID was released in June. (Read the full report)

Hoboken's SID will carve the city into eight separate areas, which will be assessed at different rates decided by the Hoboken Business Alliance.

For example, businesses on Washington Street will be given a different assessment than a business on the west side of the city, with businesses on main commercial corridors like Washington Street, 1st Street and near Hoboken Terminal given a higher assessment.

The areas include:

• Washington Street
• South Waterfront/Terminal
• First Street
• Fourteenth Street
• North Waterfront
• North Gateway
• South Gateway
• Hybrid/Remaining Properties

Members of the SID steering committee included about 15 commercial property and business owners such as the owner/landlords of Elysian Café/Amanda's, Hoboken Business Center, Little City Books, LaIsla/Sparrow's, Roig Art and Swift Interiors, as well as representatives of SJ Properties, Pegasus Properties and Bijoux Properties.

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