PRINCETON: University to cut capital plan in wake of economic turmoil

   Princeton University announced Monday it has decreased its 10-year, $3.9 billion capital plan by $300 million, delaying construction on some projects and scaling back on others.
   The action was taken in response to the current economic climate, according to the university.
   Construction of the neuroscience and psychology buildings, which was tentatively slated to begin June 2009 south of Icahn Laboratory, will be delayed by one year.
   Several other projects will be delayed beyond the end of the plan in 2016. These include: construction of a storage facility for the Princeton University Art Museum at the Forrestal Campus; the construction of an art museum satellite as part of the proposed arts and transit neighborhood; the renovation of Green Hall for the humanities and social sciences after it is vacated by the psychology department; and the development of new faculty and staff apartments near Dean Mathey Court at Harrison Street and Faculty Road.
   In addition, some of the funds available for renovations and landscaping connected with major capital projects have been decreased.
   Excluding funds already spent or irrevocably committed, the $300 million decrease represents a 12 percent cut in the capital plan budget, according to the university.
   ”We want to have the right equilibrium between resources and expenditures,” said Mark Burstein, executive vice president, in a statement released by the university. “The university is making prudent adjustments at this point, recognizing that further changes may become necessary later when we have a fuller understanding of general economic conditions.”
   Administrators reviewed the plan with trustees this past weekend, and intend to continue to monitor it over the coming months.