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.