Special Improvement District Ordinance On Council Agenda Monday
PRINCETON, NJ — Local businesses continue to face challenges posed by COVID-19, especially with the rapid spread of the omicron variant. To help promote economic growth and employment, Council announced it will introduce a new "historic" ordinance on Monday, Jan. 24.
Princeton will introduce an ordinance to create a Special Improvement District (SID) within the Municipality. The SID will bring the public and private sectors together to help with economic revitalization and growth.
An Economic Revitalization Steering Committee (Steering Committee) was formed earlier to identify ways to help the local economy thrive. The Steering Committee found that the best way to meet the challenges of maintaining a healthy, vital business community and providing economic development and revitalization was by creating a Special Improvement District.
The SID would promote economic development and growth, and improve the business climate in the Municipality. It also looks to foster non-partisan private-public partnerships and create self-help programs to improve the local business climate.
The ordinance will be introduced Monday at 7 p.m. A public hearing will be held on Feb. 14 at 7:00 p.m. via Zoom.
The full ordinance can be found at princetonnj.gov. The feasibility report study can be found here.
This article originally appeared on the Princeton Patch
