By Anne Levin
Princeton Council introduced an ordinance at its Monday, December 9 meeting that approves an application for a tax exemption and PILOT (payment in lieu of taxes) agreement with the redeveloper of the former Princeton Seminary property on Stockton Street at Hibben Road.
Herring Properties, formally known as HP 108 Stockton Urban Renewal LLC, plans to build a multi-family residential development of 240 units, 48 of which would be designated as affordable housing. The plan, which has been controversial, also includes public open space, 262 parking spots, and the renovation of an existing historic house.
According to a memo by Mayor Mark Freda recommending the agreement to members of Council, the project “will result in significant benefits for the health, welfare, and financial well-being of the municipality and its citizens.” In addition to the 20 percent affordable housing set-aside, Freda notes a $200,000 contribution by the redeveloper to the town’s Sustainable Transportation Fund, the enhancement of the gateway into town, and the creation of jobs during the project. more