Princeton Council Approves Special Improvement Dist. Ordinance

PRINCETON, NJ — The Council on Monday unanimously approved an ordinance establishing a Special Improvement District (SID) in the Municipality.

On Jan. 24, an ordinance to create the SID was introduced. The SID is expected to bring the public and private sectors together to help with economic revitalization and growth in Princeton.

An Economic Revitalization Steering Committee (Steering Committee) was formed to identify ways to help the local economy thrive. The Steering Committee found that the best way to meet the challenges faced by the business community was by creating a Special Improvement District.

During the meeting on Monday, Councilwoman Michelle Pirone Lambros, who is Council liaison, made a presentation. She said the Steering Committee studied various NJ townships that implemented a similar model. Every township that had a SID benefited from it, Pirone Lambrossaid.

The cost to individual local businesses is estimated to be between several hundred dollars to several thousand dollars for large property owners. The budget is yet to be established and approved by the Council. Piron Lambros said the budget is estimated to be around $400,000.

The SID will be a non-profit entity that will enable the Township to seek grants and other sources of funding “that would not be available otherwise,” said Helena May, member of the Steering Committee.

A few local business owners opposed the formation of the SID, and questioned why they should pay for a SID when their own businesses don’t rely on walk-in customers or visitors.

"I support the SID, but I don’t think it should be town-wide. There’s very little the SID could do for me and my business,” said a resident in the realty business.

“Town-wide is putting too much pressure on folk who may not be able to pay. I support the SID; I think it’s great. But it should be directed to folks that are directly benefiting from it.”

Council members and members of the Steering Committee addressed the various concerns and said a vibrant business community would benefit the Municipality at large.

To watch the entire meeting, click here.

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