Princeton Council has adopted the special improvement (SID)’s $461,000 fiscal year budget for the 2025-26 year.
Council President Mia Sacks, Councilwoman Michelle Pirone Lambros, Councilman David Cohen, Councilwoman Leticia Fraga, and Councilman Leighton Newlin voted “yes” to approve the budget for the year.
Councilman Brian McDonald was absent from the meeting.
“We see a growth and the growth is part of the organization’s growth,” Lambros said. “We had a huge grant with Main Street NJ, which is $150,000. Which is not reflected in the assessment budget but is in addition to the assessment.
“The assessments [have] grown as our commercial district has grown and it is a real tribute, and it has not been easy to navigate through.”
A special improvement district is a public and private partnership where property owners and business owners pay a fee or assessment for the maintenance, development and promotion of the district.
Experience Princeton, previously known as Princeton Business Partnership prior to its renaming, is the nonprofit overseeing the SID. They are led by an executive director and board of directors.
Experience Princeton’s budget for the fiscal year – July 1 to June 30, 2026 – is $461,522.
For the year, Experience Princeton will appropriate $50,000 to Economic Development – $40,000 to ordinance updates and $10,000 to transportation options. Additionally, $117,500 is set for marketing and events ($40,000 goes to brand and market neighborhoods), and close to $63,000 would go towards streetscape.
General and administrative expenses for the year total close to $208,000. Some of the items include $120,950 toward salary, close to $24,000 towards rent, $19,000 on contract services (accounting, audit, grant writing), $13,846 for contingency, $13,695 on payroll tax expense, $5,400 for travel and meetings, and $2,300 toward insurance.
