As anticipated, Princeton University announced last Wednesday that it would increase its annual voluntary contribution to Princeton Borough by nearly 20 percent — the result of an effort by both parties to continue financial talks begun by the late Mayor Joseph O'Neill.
The University will give $1 million to the Borough this year, with the amount increasing each year commensurate with increases in the Borough tax rate. The new agreement nullifies a prior arrangement due to expire on December 31, 2006 that would have delivered $809,000 to the municipality. Ms. Trotman also announced that the University would increase its contribution proportionate to each certificate of occupancy acquired for a tax-exempt building.
The University will give a one-time $65,000 donation in support of Borough parks, $25,000 of which is targeted toward the $125,000 lighting of the Princeton Battle Monument, a project begun by Mr. O'Neill.
Additionally, the University will increase its annual contribution to the Princeton Fire Department from $5,000 to $20,000 and will continue its $35,000-per-year contribution to the Princeton First Aid & Rescue Squad.
Before delivering her address, Ms. Trotman had indicated that a new deal had been worked out that would provide relief to the Borough in dealing with various capital projects. It has yet to be seen, however, whether this increase will answer the concerns of Council members who have sought a regular dialogue with the University regarding the school's annual voluntary contributions, or whether the new agreement will eventually lead to an arrangement that involves some sort of metric that measures the contributions according to the school's growth.
Whatever happens down the road, the new arrangement is sure to smooth over what had been becoming a volatile issue, at least in the public mind. The issue of the annual contribution came to a head this past fall when the University successfully achieved an increase in the development capacity of the Borough's E-3 zoning district, which comprises the school's Engineering Quadrangle. The zone was changed in December to include an additional 100,000 square feet of building potential, in line with the University's goals to expand PRISM, the school's research center for materials science.
Princeton Parks
The University's contribution has helped the Princeton Parks Alliance, the group spearheading the lighting of the Battle Monument, to raise about $30,000 toward its $125,000 goal. The Alliance will host a fund-raiser chaired by Anne O'Neill, wife of the late mayor, on April 29 at Palmer House from 5 to 8 p.m.
For fund-raiser information, or to donate to the Alliance, contact Andrew Koontz at (609) 252-0264, or Ms. O'Neill at (609) 921-6934.