PACKET EDITORIAL, Feb. 3
By: Packet Editorial
The Princeton Borough Council has a chance to make history tonight.
Or, if it lets that chance slip away, it could allow the worst eyesore in downtown Princeton to fester for another decade or two.
This, in our view, is the stark choice facing the borough’s elected officials as they consider whether to approve or reject the proposed settlement hammered out between former Mayor Marvin Reed and Palmer Square Management over the terms and conditions that would lead, at long last, to successful completion of the Hulfish North project.
The settlement, in brief, calls for Palmer Square Management to set aside 10 affordable-housing units in return for the borough agreeing to allow construction of 97 to 100 new townhouses atop the unfinished and unsightly Hulfish Street garage. The borough and Palmer Square would agree to work cooperatively to market the affordable-housing units. Palmer Square would be required to complete construction of the new units within five years. It would also provide the borough with a series of payments for both on-site and off-site improvements.
The Borough Council was poised to put its stamp of approval on the settlement at its Jan. 13 meeting, but Councilman Roger Martindell raised a number of detailed questions about the terms and conditions that caused the vote to be delayed. Palmer Square agreed to waive a Jan. 30 deadline for the settlement to be signed on the assumption that final Borough Council approval would come just a few days later.
Those few days later have now arrived and it’s time for the Borough Council, at tonight’s meeting, to approve the settlement.
Councilman Martindell and others who spoke at the Jan. 13 meeting raised some legitimate concerns about the settlement. For example, the borough insisted for years that Palmer Square set aside 20 percent of the townhouse units for affordable housing; the settlement cuts that back to 10 percent, and allows Palmer Square to dedicate some of its existing units, rather than new ones, to fulfill this affordable-housing commitment.
Also, in specifying the cost of the on-site and off-site improvements for which Palmer Square will be responsible, the settlement may have the effect of limiting Palmer Square’s financial liability. If the improvements turn out to cost more than the amount specified in the settlement, there is concern the borough may have to absorb the additional cost.
As legitimate as these concerns are, they cannot be viewed as deal-breakers. The affordable-housing issue has been the main sticking point between the borough and Palmer Square since 1990, when Palmer Square got Planning Board approval to construct the Hulfish North townhouses. The borough insisted Palmer Square set aside 20 percent of the units for affordable housing; Palmer Square, noting its 1990 approval predated the borough’s ordinance calling for a 20-percent set-aside, was prepared to go to court to argue it is under no obligation to provide any affordable-housing units at all. Under the circumstances, the 10-percent figure reached in the settlement seems to be a reasonable compromise.
And even if the cost of the improvements turns out to be more than the settlement envisions, it will still be a drop in the bucket compared to the $60 million in new tax ratables generated by the completion of the Hulfish North project.
Is this a perfect settlement? Hardly. Any settlement that takes 14 years to reach isn’t going to be to everyone’s liking. But it is, in our judgment, an eminently reasonable settlement, given the contentious history of this half-finished project and the prominent blemish it has left on the face of downtown Princeton. The Borough Council can take a major step toward removing this blemish by approving the settlement tonight.