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Princeton council approves 30-year PILOT for 108 Stockton after hour-plus hearing on schools and neighborhood impacts
Summary
After an extended public hearing about school funding and neighborhood scale, Princeton’s council adopted Ordinance 2024-42 to authorize a 30-year long-term tax exemption (a PILOT) and a financial agreement with HP108 Stockton Urban Renewal LLC, approving a negotiated 12% payment-in-lieu rate and projecting roughly $48.6 million to the municipality over the term.
Princeton’s mayor and council voted to approve Ordinance 2024-42, authorizing a long-term tax exemption and a financial agreement with HP108 Stockton Urban Renewal LLC for parcels in the former borough area. Council members recorded unanimous affirmative roll-call votes and carried the ordinance after a public hearing dominated by questions about how pilot revenue would affect the school district and the neighborhood.
The council’s municipal attorney, Steve Lennick, and municipal financial advisor Sherry Tracy of Phoenix Advisors told the council that the redevelopment agreement and financial review support a 12% pilot over a 30-year term. Tracy said the committee negotiated the 12% rate because, without a pilot, the project’s margins were “very thin” and the development would be difficult to finance. Lennick said the negotiated pilot would preserve design features such as underground parking and enhanced stormwater systems and estimated the agreement would yield approximately $48,600,000 in revenue to…
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