Princeton Council slated to approve 2024-25 budget for special improvement district

The Princeton Council is slated to vote Monday night, July 8, on a $454,163 budget for the 2024-25 fiscal year that began July 1. The meeting begins at 7 p.m. in the municipal building at 400 Witherspoon Street.

All commercial properties in the municipality pay a special additional tax to fund the district. The tax is based on the budget. The budget for 2024-25 includes $407,363 to be raised from the special assessment for commercial property owners.

A total of $130,000 has been budgeted for marketing, $83,068 has been budgeted for streetscape work, and $10,000 has been earmarked for economic development.

Salary and payroll taxes account for $133,450 of the budget, while contract services are another $19,000.

The budget was adopted by the Princeton Business Partnership, Inc. on June 4. The Partnership is the legal entity for Experience Princeton, the special improvement district that was created to strengthen and promote “all of Princeton, New Jersey, through placemaking, marketing and economic development.” The board of Experience Princeton is comprised of and led by several real estate developers and investors, and includes representatives from the municipality, a few Princeton businesses, the Princeton Public Library, and Princeton University.