Council Ratifies Budget For Princeton’s Special Improvement District

PRINCETON, NJ — Council recently voted to ratify and adopt the budget for the municipality’s Special Improvement District to the amount of $379,244, from July 1, 2022 to June 30, 2023.

Princeton Business Partnership, a non-profit, will be overseeing the SID.

“This revenue source will enable the Princeton Business Partnership to invest in commercial districts around Princeton. The improvements that are budgeted for this year and future years will enhance the experience of all visitors and residents who come to town,” Aubrey Haines, president PBP said during a brief presentation.

Haines said marketing and events “are a big priority” and that the board will “carefully steward the resources” to the organization. The budget will help the PBP to "carefully and thoughtfully craft a message and a plan for replenishing the vitality of Princeton,” Haines said.

Councilwoman Michelle Pirone Lambros said the first goal was to hire an executive director to run all the PBP programs and coordinate among the volunteers. The executive director will oversee the execution of the budget with key performance indicators that will be periodically reviewed, Pirone Lambros said.

The budget was originally introduced back in May. The public hearing was held during the June 27 meeting, with minor variations made to the budget.

Sustainability would be a high priority for the PBP, Pirone Lambros noted. “Not only is it the right thing to do, but it’s good business. A lot of the customers of the businesses demand that,” Haines said.

Council also voted to dissolve the Municipality’s Economic Development Committee, which enables the SID to get underway.

The SID was established earlier this year to bring the public and private sectors together to help with economic revitalization and growth in Princeton.

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