Politics & Government
Westminster Acquisition: Princeton Adopts $50M Bond Ordinance
The ordinance was first introduced on Sept. 9. The local finance board approved going forward with the bond ordinance.
PRINCETON, NJ — Princeton on Monday, adopted a $50 million bond ordinance, taking another step in its process to acquire the site of the historic Westminster Choir College on 101 Walnut Lane.
The ordinance was first introduced on Sept. 9 along with an ordinance that authorizes the acquisition of the property “by negotiation, purchase, condemnation or eminent domain.”
“Last week the local finance board held their meeting and unanimously approved this going forward and were very welcoming to the project,” the attorney representing the town on the project said.
Find out what's happening in Princetonfor free with the latest updates from Patch.
Councilwoman Eve Niedergang said she heard several residents express concern over the tax impact of this purchase, especially the Municipality’s “ability to respond to other needs.”
Princeton’s bonding capacity is almost $331 million, according to Municipal administrator Bernard Hvozdovic.
Find out what's happening in Princetonfor free with the latest updates from Patch.
“We currently have a little over 202 million available to us,” Hvozdovic said.
Mayor Mark Freda reassured the community that Princeton was not looking to run out of its bonding capacity “because there would be an impact on everybody.”
During the public comment section, Joshua Zinder told the Council that Westminster represents a huge opportunity for the community and it should be in the hands of responsible stewardship.
"And I'm fearful that if the school district gets it, more of Princeton’s architectural legacy will be squandered,” Zinder said.
He also asked the council how the bond would impact local taxes.
“Over the course of a 30-year bond the average household will pay $329 per year,” Hvozdovic said.
The attorney then added that the $329 per year figure was the worst-case scenario with no other revenue coming in to offset from the property.
The $50 million is broken down into two parts - $42 million for the acquisition of the property and $8 million for capital improvement.
The Municipality will have to pay a partial downpayment of $500,000.
Have a correction or news tip? Email sarah.salvadore@patch.com
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
