Princeton University To Contribute $8M To Township In 2 Years

Princeton NJ

16 December, 2020

1:37 PM

Description

PRINCETON, NJ — Princeton University and the township of Princeton recently agreed to extend the volunteer contribution agreement by another two years. Under the agreement, Princeton University will provide funding to support municipal operations. The decision was made during Monday night's council meeting. The new agreement runs through 2022. The university will provide a total of $8.482 million to the municipality in the next two years - $3,619,200 in 2021, and $3,764,00 in 2022. The current agreement, which was signed in 2014, saw the university contribute more than $21.81 million towards municipal operations. "Throughout the COVID pandemic, the town and the University have worked together creatively and collaboratively to meet many challenges," university President Christopher Eisgruber said in a statement. Councilmember Eve Niedergang, one of the town's representatives in discussions with the University, said the agreement was the result of a year-long discussions with the university to affirm their commitment to the "wellbeing of the municipality and its taxpayers." "This short-term agreement, which continues the 4 percent annual increase, is one key step in continuing to build a relationship with the University focused on our mutual shared interests in maintaining the town's fiscal health, diversity of population, and thriving downtown," Niedergang said. According to Councilmember Michelle Pirone Lambros, the nearly $8.5 million of voluntary contributions agreement from the university includes significant support for local firefighters. "The Princeton Small Business Resiliency Fund would not have been possible without the University's contribution of $350,000 to support our small businesses during the pandemic," said Lambros. Princeton University has also agreed to contributions to specific needs, totaling $1.1 million. Thank you for reading. Have a correction or news tip? Email [email protected] Get breaking news alerts on your phone with our app. Download here. Sign up to get Patch emails so you don't miss out on local and statewide news.