Princeton 180 Assessment Ordinance Passed 5-1

Princeton City Council voted 5-1 on Sept. 21 to approve an assessment ordinance for Phase 1 of the Princeton 180 Public Improvement District, also referred to during the meeting as Serenity. One council member was absent.

According to bond counsel, Phase 1 covers a little more than 59.5 acres and is projected to include 213 homes. The ordinance levies assessments tied to the public improvement district, which is a financing tool used to fund eligible infrastructure costs for a development.

Officials emphasized that no bonds were sold that night. The action taken by council was the assessment ordinance itself, not a bond issuance. That distinction mattered because residents and council were not yet voting on final borrowing terms.

During discussion, bond counsel said the assessments approved by council cannot go higher later, even after bonds are priced. Officials said they would prefer those numbers to come down depending on interest rates.

The vote made the PID assessment step one of the clearest final actions taken at the meeting, while several other major items, including the city budget and tax rate, were left for later consideration.