The Princeton Council signaled Tuesday its support for the town accepting a lump sum $500,000 payment from a local group that had raised money for the Community Park Pool project, although the total is sh
By Philip Sean Curran, Staff Writer
The Princeton Council signaled Tuesday its support for the town accepting a lump sum $500,000 payment from a local group that had raised money for the Community Park Pool project, although the total is short of the group’s $1 million goal.
Peter O’Neill, chairman of the Princeton Parks and Recreation Fund, said Thursday that he was pleased with the amount, given the challenges that confronted an ambitious fundraising campaign. The fund faced a weak national economy and two major storms that ravaged the area.
There had been talk earlier in this year of the fund investing its money and paying back $1 million in $50,000 installments over a 20-year-period.
Mr. O’Neill said his group is comfortable with making a lump sum payment, the recommendation that council received from the Citizens Finance Advisory Committee.
Kathryn Monzo, deputy municipal administrator and director of finance, said Thursday the lump sum would go toward repaying the debt on the $6.7 million project. At the time, the former Princeton Township was the lead agency in the project and issued the bonds in 2011 to fund it.
Mr. O’Neill said his group would continue to try to raise money for the pool as well as for other recreation-related projects in town. He said in addition to the $500,000, the group has commitments in the next two to three years for $18,000 for the pool.
Asked when the $500,000 would be given to the town, he replied: “The fund stands ready, willing and able to deliver the funds.”
The shortfall, however, could lead to higher pool user fees to make up the difference to help pay down the debt, the town said. And it also is leading officials to re-examine relying on outside groups to help fund projects in the town.
The pool complex reopened in 2012 to see increased membership and high attendance.
Officials, past and present, said the pool project was budgeted with the thought of getting $1 million from the fund, which had no track record of raising that much money. Councilwoman Jo S. Butler said Thursday that officials were optimistic the fund would be able to reach that number, counting herself in that mix.
For his part, Mr. O’Neill said the $1 million figure was a “goal” and that there were “no guarantees” the fund would reach it. He said there were a total of 307 gifts from large corporate and individual donors to smaller ones.
Former Borough Councilman Roger Martindell said Thursday that both Borough Council and Township Committee “bowed to pressure” from vocal pool advocates to do the project.
He said there was a “risk” in building something based on promises of money that did not, in the end, materialize. Looking back, he said he did “not necessarily” regret going forward with the project.
”Could we have delayed it to get a better handle on our fundraising abilities?” said Mr. Martindell, who added the towns were confronted with an aging pool that people wanted replaced
That pool project was more expensive than proposed due to a decision to make it a steel Myrtha main pool rather than a concrete one. That type is expected to last longer in the long run, the town said.
Ms. Butler said the town “probably” needs to think of having a policy spelling out what circumstances the municipality is willing to move forward with projects “based on good intentions of residents.”
Earlier this year, the council was asked to front the money for a proposed Sept.11 memorial in town, although there have been no decisions.