Mayor Fulop & Redevelopment Agency Introduce Ordinance to Establish New Cultural Arts Special Improvement District to Boost Jersey City’s Arts and Culture Vibrancy and Economic Endurance

Centre Pompidou x Jersey City, Loew’s Theatre, and Other Landmark Projects Drive Journal Square’s Revitalization

JERSEY CITY, NJ – Mayor Steven M. Fulop and the Jersey City Redevelopment Authority (JCRA) will introduce an ordinance at tonight’s City Council meeting establishing a new Cultural Arts Special Improvement District (SID) to further Jersey City’s ongoing commitment to being a leading cultural and economic hub.  The self-financing district will serve as an anchor for the Journal Square Arts District, consisting of a newly renovated historic Loew’s Theatre, the development of an Art Walk, Centre Pompidou x Jersey City, and other pillar projects.

As part of the Journal Square 2060 Redevelopment Plan, the proposed SID aims to enhance and support the area’s cultural vibrancy and economic potential with the development of mixed-use projects.  To start, the ordinance establishes 85,000 square feet of indoor space at 808 Pavonia Avenue for the development of a museum, gallery, educational, recreational, and other cultural arts space for the future home of the Centre Pompidou x Jersey City.

When Mayor Fulop introduced the proposed $21 million budget to the City Council and community meeting, he highlighted a conservative budgeting approach, initially projecting the SID would generate $1 million in revenue.  However, updated estimates indicate that the SID will yield closer to $2 million in revenue, reinforcing the sound fiscal planning.

“Our vision of reviving Journal Square is now a reality as we witness one of Jersey City’s most remarkable renaissances, with growth that is not only expansive but is thoughtful and smart, prioritizing our residents and communities above all else.  This marks an important step in building a vibrant and sustainable Jersey City.  These new buildings benefit from proximity to this investment, and as a result, we believe they should participate in making this a reality financially,” said Mayor Fulop.

With the Fulop Administration’s commitment to reviving Journal Square’s arts and culture vibrancy, the city anticipates a significant economic boost and sustained community benefits, especially for small businesses within the district.  The Cultural Arts SID concept was envisioned to address the projected substantial rise in property values, permanent job creation, and increased visitor spending in the neighborhood.

It will substantially contribute to local businesses by increasing foot traffic and visitors to the area and enhancing the quality of life for residents and visitors alike.

The new Cultural Arts SID will cover approximately 1,300 lots and properties – with exemptions for rent-controlled units, properties with four or fewer units, and condominiums – allowing the SID to focus on properties likely to benefit from cultural activities and increased foot traffic in the area.  A special assessment of properties within the district will promote the economic and general welfare of the district and the city.  It will overlap with the Journal Square SID to foster collaborative growth and support for the cultural sector across Jersey City.

To establish the Cultural Arts SID, the City of Jersey City has satisfied the following criteria:

1. Benefit to the District: The designated area will benefit from being recognized as a Special Improvement District, with a focus on cultural enrichment and economic vitality.
2. District Management Corporation: An administrative body will be established to oversee and deliver services benefiting businesses, employees, residents, and consumers within the district through the development of the new Cultural Arts Space.
3. Special Assessment: A special assessment will be collected and directed to the district management corporation, which will support the SID’s mission to nurture the district’s growth and sustainability.
4. Public Interest: Creating this SID serves the best interests of both Jersey City and the community by bolstering cultural tourism, employment, and economic activity.

Under the ordinance, an Art Walk will connect Van Ripen Avenue to John F. Kennedy Boulevard and the PATH Station.  A second reading is planned for December 11 to ensure sufficient notice to all affected property owners.