Princeton University giving town $24M - My9 New Jersey

Princeton University giving town $24M

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PRINCETON, N.J. (AP) -- Princeton University has agreed to contribute more than $24 million over the next seven years to the town of Princeton.

The deal was announced Thursday and is set for consideration by the town government's approval on Monday.

The university and town officials frame it was as a way to resolve an age-old issue in college towns where much of the land is university-owned and thus tax-exempt.

Under the deal, the Ivy League school would pay $2.6 million toward several specific departments, including a storage facility for public works equipment and a new first-aid building.

The school would also make yearly unrestricted payments and would continue paying property taxes on graduate student housing that could be tax-exempt.

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