Update (Oct. 27): The scheduled City Council meeting was canceled, so no action was taken.
Three Public Improvement District (PID) items were listed on the agenda. Each item was intended to determine project costs and call public hearings. No assessments, levies, or bond issuances could occur without a formal council vote.
Eastridge PID – Improvement Area No. 5
Resolution: 2025-10-27-R04 (calling a public hearing to consider levying assessments)
Scope
• 411 single-family lots
• Lot types: 78 × 60’, 202 × 50’, 131 × 40’
Valuations (PSAP)
• Finished lot values: $87,500 / $82,000 / $68,300
• Completed home values: $435,000 / $410,000 / $341,600
• Estimated total buildout value: ≈ $161,694,600
Finance plan (Hilltop Securities)
• Estimated $16.3 million Special Assessment Revenue Bonds (Series 2025)
• One-time PID fee to the City: $739,800 at bond closing
Tentative timeline (subject to Council action)
• Public hearing and bond pricing: Nov. 10, 2025
• Estimated closing: Dec. 11, 2025, following Attorney General review
Southridge PID – Improvement Area No. 4
Resolution: 2025-10-27-R05 (calling a public hearing to consider levying assessments)
Scope
• 176 single-family lots
• Lot types: 46 × 50’, 130 × 40’
Valuations (PSAP)
• Finished lot values: $76,600 / $63,400
• Completed home values: $383,300 / $317,200
• Estimated total buildout value: ≈ $58,867,800
City revenue projections (Hilltop Securities)
• Estimated annual city property tax revenue: ≈ $143,049 at the current rate after 45% TIRZ participation
• One-time PID fee to the City: $316,800 at bond closing
Developer update (Green Brick Partners)
• Phases 1–3 accepted by the city
• 703 lots delivered
• Approximately 476 homes occupied as of Q3 2025
Improvement Area 4 (176 lots) is expected to receive city acceptance in November 2025, with homebuilding beginning soon afterward.
Windmore PID – Improvement Area No. 3
Resolution: 2025-10-27-R06 (calling a public hearing to consider levying assessments)
Scope
• 314 single-family lots
• Lot types: 89 × 60’, 225 × 50’
Valuations (PSAP)
• Finished lot values: $87,000 / $80,200
• Completed home values: $435,000 / $401,000
• Estimated total buildout value: ≈ $128,940,000
Finance plan (Hilltop Securities)
• Estimated $8.3 million Special Assessment Revenue Bonds (Series 2025)
• One-time PID fee to the City: $565,200 at bond closing
Developer update (Green Brick Partners)
• Phases 1–3 accepted by the city
• 755 lots delivered
• The development’s amenity center opened in Summer 2025
What’s next
Because the Oct. 27 council meeting was canceled, these PID resolutions are expected to return to a future council agenda.
The working calendar previously targeted Nov. 10, 2025 for the public hearing and bond pricing steps.
If approved in future meetings, these PID improvement areas could support hundreds of additional homes across three major developments, contributing to Princeton’s ongoing residential expansion.
Sources: City agenda packet and supporting documents, including bond counsel memoranda, financial advisor reports, and developer presentations.
