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.