Special Improvement District (SID)
In order to help improve our community, our business districts, our Municipality, and to foster economic development and growth, Princeton Council commissioned an economic revitalization study and appointed a steering committee of 18 property, business and non-profits leaders in 2020 to study various options available to support the business community. The Steering Committee worked for over a year exploring the various options available to Princeton and gave its final report to Council on December 21, 2021. The Steering Committee unanimously recommended the creation of a Special Improvement District (SID) to achieve the purpose of revitalization and economic growth.
In accordance with State Statute, an Ordinance was introduced on January 24, 2022, to create a Special Improvement District (SID). The SID is designed to help improve the economic and business climate in our municipality. This historic event brings together the public and private sectors to create a sustainable source and mechanism for revitalization and growth.
For background, in 1984, the Legislature of the State of New Jersey passed legislation to provide for the establishment of Special Improvement Districts and as outlined in N.J.S.A. 40:56-65(b) they specifically found that: (1) that district management corporations may assist municipalities in promoting economic growth and employment within business districts; (2) municipalities are encouraged to create self-financing, special improvement districts and designated district management corporations to execute self-help programs to enhance their local business and economic climates; and (3) municipalities should be given the broadest possible discretion in establishing by local ordinance the self-help programs most consistent with their local needs, goals and objectives.
The public hearing for the Ordinance creating a Special Improvement District will be held on February 28, 2022, at 7:00 p.m. via Zoom.
- What is a SID?
- What does a SID do?
- How are SID programs and services paid for?
- SID or Merchants' Association?
- Will municipal services be reduced if the SID is providing similar services?
- Who oversees the SID?
- How is a SID formed?
- What other municipalities in New Jersey have a SID which includes the entire municipality?
- What other municipalities in New Jersey have a SID with multiple sub areas in which the assessment rates differ from one district to another?
- The report of the feasibility study suggests sub areas and variable tax rates. Are those sub area boundaries and tax rates fixed?
- If those sub areas and assessment rates are not fixed what individual or entity will fix them?
- Can the feasibility study map designating the proposed sub areas be enlarged so that it is clear ....
- Are all of the decisions regarding sub areas and assessment rates to be made by the District Management Corporation (DMC)?
- Will all of those individuals and entities subject to the SID assessment have any role in electing members of the DMC?
- Where can the organizing documents of the Princeton Business Partners Inc, created by the ordinance to be found?