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Resolution of the Mayor and Council of Princeton Adopting the 2026-2027 Budget of the Princeton Special Improvement District- Roll Call
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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 “report to the governing body an estimate of the cost of operating and maintaining and annually improving the . . . special improvement district . . . for the next fiscal year, to be incurred under the plan,” 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) The costs, if any, to be assessed against properties in the SID;
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WHEREAS, under N.J.S.A. 40:56-84a, the District Management Corporation is also required to submit a detailed annual budget for approval by resolution of the municipal governing body, including a report that explains how the budget contributes to the goals and objectives of the special improvement district; and
WHEREAS, under N.J.S.A. 40:56-84b, the budget must be introduced and approved on first reading by a resolution passed by not less than a majority of the full membership of the governing body; and
WHEREAS, under N.J.S.A. 40:56-84c-h, the budget must then be given a second reading and adopted, with or without amendments, by a resolution passed by not less than a majority of the full membership of the governing body, following a duly advertised public hearing to be held thereon not less than 28 days from the date on which the budget was introduced/approved; and
WHEREAS, the District Management Corporation adopted its 2026-2027 fiscal year budget, July 1, 2026 - June 30, 2027 on May 26, 2026 (see Exhibit A hereto) and submitted it to the Mayor and Council for approval; and
WHEREAS, the Mayor and Council at its regular meeting held on May 26, 2026 introduced and approved the budget by a vote of 5-0, subject to a public hearing prior to adoption, which hearing was scheduled for June 22, 2026 (see Resolution 26-152); and
WHEREAS, the public hearing having been duly advertised as required by N.J.S.A. 40:56-84d and e, the Mayor and Council conducted said hearing at its regular meeting held on June 22, 2026, at which time anyone from the public wishing to be heard was offered the opportunity to ask questions or make comments (there were none); and
WHEREAS, having reviewed the budget and no objections to said budget having been presented, the Mayor and Council find that it is appropriate and in the best interests of the public to adopt the budget as presented, without amendments;
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Municipality of Princeton that:
1. The 2026-2027 fiscal year budget, July 1, 2026 - June 30, 2027, of the Princeton Special Improvement District, attached hereto as Exhibit A, is hereby adopted as presented, without amendments.
2. The Municipal Clerk shall immediately certify a copy of the assessment roll to the County Tax Board to be effective as of July 1, 2026.
3. This resolution shall take effect immediately.