HOBOKEN ADOPTS BUDGET FOR CITY’S FIRST SPECIAL IMPROVEMENT DISTRICT

Last night, the City of Hoboken adopted the operating budget of $1.3 million for Hoboken’s new Special Improvement District, called the Hoboken Business Alliance (HBA). The HBA budget, which is collected through an assessment on commercial properties, will be reinvested back into the community with the goal of helping revitalize Hoboken businesses. The City Council adopted the measure by an 8-1 vote.

“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,” said Mayor Ravi S. Bhalla. “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. I appreciate all of the hard work of the board members in creating the HBA over the past year, and especially want to thank Executive Director Stuart Koperweis, Councilwoman Tiffanie Fisher, and Business Administrator Stephen Marks for initiating this process, as well the City Council for their support.”

“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,” said Councilwoman Tiffanie Fisher. “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. This result could not have happened without the input, efforts and commitment of many. I would like to personally thank all involved including my fellow HBA Board Members and the other property and business owners who volunteered their time for two years to make this happen, Stuart Koperweis of Economic Development Strategies, Mayor Bhalla and my council colleagues.”

Councilwoman Fisher, along with the Mayor’s designee, Business Administrator Stephen Marks, occupy two of the seats on the board of the Hoboken Business Alliance.

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