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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 ...
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