Five Leigh Avenue housing units would be reconstructed as part of the agreement
By: Kara Fitzpatrick
The Princeton Borough Council unanimously passed a resolution Tuesday approving a Princeton University proposal for meeting its affordable-housing obligation in connection with the construction of a new Operations Research and Financial Engineering Department building.
The proposal would see five Leigh Avenue housing units currently owned by the borough reconstructed and designated as affordable. According to the resolution, the units "require significant renovation and reconstruction."
The requirement to provide adequate affordable housing when erecting new development is mandated through the state’s Council on Affordable Housing, or COAH.
The university has submitted an application to the Princeton Regional Planning Board for preliminary and final site plan approval of the project, which would see the construction of a 45,000-square-foot academic building to be located adjacent to the Mudd Library, located on Olden Street.
According to the resolution, the university’s intention is to secure all necessary approvals and to construct the ORFE building so that it will be ready for use in the academic year beginning September 2008. The affordable-housing units are expected to be ready for use at the same time.
In addition to completing the reconstruction and renovations, the university has agreed to pay the borough the difference between the borough’s pro forma estimate and actual construction costs in connection with use of the municipality’s land.
Also, the university is obligated to make a $186,975 cash payment for the fraction of the growth share generated, according to the resolution.
In other business Tuesday, Princeton Borough Administrator Robert Bruschi gave the council a second-quarter financial report, which indicated that revenues look to be on target.
The report revealed "no real surprises," Mr. Bruschi said.
One source of revenue that should be watched is construction fees, which are only slightly ahead of the annualized expectation, Mr. Bruschi wrote in a memo to Mayor Mildred Trotman and the council. Mr. Bruschi said if some major projects that are in the pipeline come to fruition such as the new university building or the erection of the Palmer Square luxury housing development at Hulfish North those numbers could surpass expectation.
Expenditures are at or under where they should be at this time of year, the administrator said. Mr. Bruschi said while he was concerned about gasoline costs during the budget process, the expenditure appears to be tracking well.
Still, escalating gasoline costs left Councilman Roger Martindell wondering if the borough should implement a strategy to deal with rising energy prices.
"More likely, it’s going to get worse than better," Mr. Martindell said.
Councilman Andrew Koontz said a move toward fuel efficiency is not one large decision but rather "individual decisions over time."
Mr. Koontz expressed support for the hybrid vehicle recently purchased by the borough for use by the Health Department.