Improvement Districts (BIDs, SIDs, SSAs, etc) are seeing challenges in New Jersey, where a new bill [A-3859] has been proposed that would require the reauthorization of a special improvement district (SID), every ten years by the majority of affected property owners. According to a legislative update from the New Jersey Managed Districts Association, the bill was amended on the floor of the Assembly and will be posted again for a vote by the full Assembly at its next voting session sometime in May. The bill in its original form would make it easy to dissolve SIDs by effectively counting absentee ballots as ‘no’ votes. The ammendments to the bill, offered in the last legislative session, address this issue, but also shorten the reapproval timeframe to 5 years from 10 years.
For more information see: Legislative Alert, New Jersey League of Municipalities [3/11]