Princeton Seminary Redevelopment: Council Introduces Tax Exemption, PILOT Ordinance

PRINCETON, NJ – Council on Monday introduced an ordinance that approves an application for tax exemption and PILOT agreement with the redeveloper of the former Princeton Seminary property.

HP 108 Stockton Urban Renewal LLC plans to build a multi-family residential development of 240 units, which includes 48 affordable housing units.

The development will also have public open space, recreational areas, 262 parking spaces, site improvements and renovations to the existing historic house.

In a memo, Mayor Mark Freda recommended that Council members approve the application.

According to Freda, the project will result in significant benefits health, wealth and financial well-being of the Municipality and its citizens.”

Freda also noted that the project will result in a contribution of $200,000 to the town’s Sustainable Transportation Fund by the developer, the enhancement of the gateway into town, and job creation during the project.

“However, the redeveloper has identified certain costs associated with the project, including the provision of the affordable housing units, that are beyond those customarily confronted by a developer,” Freda said.

He also told the Council that after discussing with the finance department he found the agreement “fair and equitable to both the Municipality and the redeveloper in that municipal revenues will be enhanced while providing support for the development of the project.”

A public hearing on the ordinance is scheduled to take place on Dec. 19.

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