Princeton Downtown Business Improvment District

Purpose:  A downtown Business Improvement District (BID) was established in downtown Princeton effective July 1, 2018 for the purpose of improving appearance, attracting complimentary businesses and promoting general redevelopment to include the properties shown on the map below. Princeton will offer incentives to drive private investment that will encourage the reuse of underutilized and vacant buildings and properties.  The primary reason for establishing the Princeton Downtown Improvement District is to define an area of specific redevelopment focus and attention that warrants additional funding from the Town for projects that may include, but are not limited to:

  • enhanced maintenance of streets, sidewalks, and other public facilities;
  • downtown marketing and promotion;
  •  presentation of special downtown events;
  •  management of downtown parking;
  • promotion of downtown business location and expansion;
  • construction of capital improvements.

Funding will be through unrestricted funds from the General Fund and, potentially, a BID ad valorem tax levied in addition to the town-wide ad valorem tax. Due to the ongoing nature of the purpose of the BID, it will remain in effect until the Princeton Town Board decides to abolish the BID.

Background:  The Town of Princeton downtown area saw a significant drop in the number of downtown businesses in the last several years.  Only 11 business and the US Postal Service were operating for the majority of 2016 in the Princeton downtown while there is potential for at least 25 businesses to thrive in this area.  The Princeton downtown area is currently experiencing a renaissance with new businesses opening and vacant properties purchased for redevelopment. Supporting private development in the downtown area and working with the downtown business area to make Princeton a sustainable destination for commerce in advance of the upgrade of US Highway 70 to Interstate 42 is justification for the expenditure of additional funds in the BID relative to other areas of the Princeton town limits.