To the Editor:
Congratulations and thank you to Town Council for the courage and clever implementation of eminent domain to bring resolution to the Choir College acquisition. Like many other residents, we wonder and have thoughts about the reuse of this site. Too often, outside consultants with little knowledge of Princeton and the values of its residents are retained at considerable cost with less than ideal results.
Princeton is fortunate in having many bright, creative and successful residents that are available or can be retained to advise on this opportunity. The involvement of Princeton Future and volunteer resources is representative of how community planning can be accomplished that is satisfactory to its residents. The Choir College site could provide a location for mixed and affordable housing, reuse of the existing academic buildings by the PPS or other entities, and providing open space at the existing front lawn.
For example, a 40-year land lease for the vacant rear property to a developer who would pay the bond interest cost apportioned to that part of the site over 40 years could financially provide an incentive for a greater number of affordable units than the typical 20 percent currently required. The developer receives the IRS tax benefits of depreciating his entire construction cost without the expensive initial land cost, while the town ultimately benefits from the land and asset reversion after 40 years. more