Princeton University is increasing its voluntary payment to Princeton Township for next year by $25,000, and has also offered to pay $250,00o of the transition costs for the consolidation of the two Princetons, officials said.
Princeton Township Mayor Chad Goerner announced at the township committee meeting tonight that the township will received a five-percent ($25,000) voluntary payment increase from the university for 2012, plus the transition costs contribution, for a total of $775,000 from the university for 2012. The university is also increasing its contribution to Princeton Borough. That increase is expected to be announced at the Princeton Borough Council meeting Tuesday night, sources told Planet Princeton.
“Our increase, coupled with increase the Borough will receive, will go a long way to helping our taxpayers experience tax savings sooner,” Goerner said at the Township Committee’s last public meeting of the year tonight. “We had a very professional dialogue during this whole process, which shows that having a professional relationship actually does achieve results.
“The consolidation vote shows that we value unity as a community,” Goerner said. “We also value unity with Princeton University. This goes a lot way in achieving that.”
The university’s $500,000 contribution to Princeton Township for 2011 was its first contribution of this kind to the township. The school, also the largest taxpayer in the township, paid taxes to the township , the public schools and Mercer County totaling $4.1 million for non-exempt and potentially exempt properties. University officials say the school voluntarily pays property taxes totaling $2.4 million on some of its properties like graduate student housing that would qualify as tax exempt under state law.