PRINCETON, NJ – Princeton University announced Tuesday its plan to contribute more money over five years to the Municipality.
The new framework, effective February, will see the University contributing $39.5 million over five years, which includes $28.2 million in unrestricted cash contributions and $11.3 million dedicated to municipal projects and programs.
The University is also expected to provide $10.8 million over five years to local agencies and lower- and middle-income residents.
“These financial contributions to the municipality, local nonprofit organizations and residents reflect the University’s long-standing commitment to support the vibrancy of the Princeton community that we call home,” University President Christopher L. Eisgruber said.
“We are pleased to advance these shared priorities in collaboration with local government and nonprofit organizations to provide meaningful services and resources across our community.”
The funds will support the following projects and programs:
- $7.5 million to improve and repair municipal sewer infrastructure.
- $1.5 million to support the municipal shuttle service.
- $1 million over five years to support career fire department personnel in the Princeton Fire Department.
- $1 million to support the municipality’s purchase of a new fire department tower truck and high-water rescue vehicle.
- $250,000 toward the construction of a new cold-storage facility for the Department of Public Works.
- $100,000 to the municipality’s Department of Human Services to help provide emergency housing for individuals and families experiencing homelessness.
Additionally, the University intends to provide funding to nonprofit organizations for programs that aid lower- and middle-income residents. These include:
- Up to $10 million over five years to a nonprofit organization to provide property tax relief for lower- and middle-income Princeton homeowners. Eligible households will be based on income limits set by the New Jersey ANCHOR Program.
- $500,000 over five years to the nonprofit 101: Fund to support scholarships for low-income students who graduate from Princeton High School.
- $300,000 over three years to the nonprofit Housing Initiatives of Princeton, to support a rental assistance program for residents and families facing housing insecurity.
The municipality was represented in the discussions by Council President Mia Sacks, Councilmembers Michelle Pirone Lambros and Eve Niedergang, and Municipal Administrator Bernard Hvozdovic.
“We welcome this significant increase in financial support from Princeton University that will benefit all residents of Princeton. For more than a year we have engaged in a series of productive conversations with University representatives. These planned contributions reflect our mutual commitment to addressing the urgent challenges of affordability, sustainability, and equity within the community we share,” the Councilmembers said in a statement.
University Vice President and Secretary Hilary Parker and Kristin Appelget, assistant vice president for community and regional affairs, led the discussions with municipal officials on behalf of the University.
Last year, the University announced it will contribute more than $14.6 million to Princeton Public Schools over the next five years.
The University also made a voluntary unrestricted contribution of about $1.34 million to Mercer County in 2023, with plans to provide a gradually increasing annual payment in following years.
Princeton University is the largest taxpayer in town and the second largest taxpayer in Mercer County.
According to University officials, the institution paid a total of $7.7 million to the Municipality in property and sewer taxes, which includes $2.8 million in school taxes for the Princeton Public Schools and $1.6 million for Mercer County.
