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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
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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 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 - Jun...
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