title
Resolution of the Mayor and Council of Princeton (1) Introducing the 2025-2026 Budget of the Princeton Special Improvement District; (2) Directing the Municipal Clerk to Publicly Advertise the Budget and Schedule a Public Hearing; and (3) Directing the Tax Assessor to Prepare an Assessment Roll of Properties Within the District Based Upon the Budget (Public Hearing scheduled for June 9, 2025) - Roll Call
end
body
WHEREAS, pursuant to N.J.S.A 40:56-71 et seq., and by the adoption of Ordinance 2022-03, the Municipality of Princeton established the Princeton Special Improvement District (SID) to be operated by the Princeton Business Partnership, Inc., (the “District Management Corporation”); and
WHEREAS, under N.J.S.A. 40:56-80, the District Management Corporation must prepare an annual budget that includes an estimate of the annual costs of operating the SID including:
1) The costs charged against municipal funds for general street maintenance, if any.
2) The costs charged against properties within the SID in proportion to the benefits conferred by the annual improvements.
3) Costs, if any, to be assessed against properties in the SID; and
WHEREAS, upon receipt of the budget, the Municipal Council is required to consider the budget, approve the budget, schedule a public hearing, and adopt the budget with such amendments as the governing body considers necessary; and
WHEREAS, upon approval of the budget the Tax Assessor is required to prepare an assessment roll listing the properties to the specially assessed in accordance with the budget and calculate the amount of the assessment to be charged to each property; and
WHEREAS, the District Management Corporation has submitted its 2025-2026 fiscal year budget, July 1, 2025 - June 30, 2026, to the Council, a copy of which is attached hereto as Exhibit A.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Municipality of Princeton that:
1. The 2025-2026 fiscal year budget, July 1, 2025 - June 30, 2026, of the Princeton Special Improvement District, attached hereto as Exhibit A, was adopted by the Princeton Business Partnership, Inc. on May 6, 2025.
2. The budget as submitted to the Municipality is hereby retroactively introduced and approved, subject to a public hearing prior to adoption by the Mayor and Council.
3. The Tax Assessor is directed as follows:
a) Prepare an assessment roll specifying the amounts specifically assessed against each benefitted and assessable property in the SID in proportion to the benefit conferred, based upon the approved budget in accordance with the procedures prescribed in N.J.SA. 40:56-80(c). Such assessment roll shall include a description of each property and the names of the owners; and
b) File the assessment roll in the Office of the Municipal Clerk to be available for public inspection.
4. The Municipal Clerk is directed hereto:
a) Schedule a public hearing on the budget and the amount of assessments not less than 28 days from the date of adoption of this Resolution, which date is expected to be June 9, 2025.
b) At least 10 days prior to the date of the public hearing (i) a notice setting the time and place of the public hearing on the budget and amounts of the special assessments shall be mailed to the owners of properties in the Princeton Special Improvement District; and (ii) a copy of the entire budget shall be printed in a newspaper of general circulation.
c) At least 10 days before the date of the scheduled hearing:
(i) Post a complete copy of the approved budget in Municipal Building in the customary location for posting public notices.
(ii) Post a complete copy of the assessment roll in the Municipal Building in the customary location for posting public notices.
(iii) Make available a copy of the budget to any person requesting it up to and including the date of the public hearing.
5. Upon approval of the assessment roll with any changes approved by the Governing Body, the Municipal Clerk shall immediately certify a copy of the assessment roll to the County Tax Board to be effective as of July 1, 2025.