University to Make $1.7 Million PILOT Payment to Borough in 2012

Princeton Borough Council announced Tuesday that Princeton University has agreed to make a voluntary contribution of $1.7 million to the Borough in 2012, an increase of $500,000 over the 2011 contribution, with the understanding that $250,000 of the contribution will be used to offset the borough's consolidation expenses.

The University has also agreed to contribute $300,000 toward an expected expansion of the Princeton Fire Department on Witherspoon Street, if and when that expansion occurs. That contribution would likely be made to the consolidated Princeton.

The University also has agreed to continue to make an annual contribution of $20,000 to the Princeton Fire Department, a commitment that carries over from the six-year borough-University contribution agreement that expires on Dec. 31, 2011.

The University is the largest taxpayer in the borough, and its voluntary contribution is in addition to its annual tax payment. The University's tax bill on borough properties in 2011 was $3.5 million.    

The University also announced its 2012 PILOT payment to Princeton Township earlier this week.