As expected, the Plainsboro Township Committee adopted an ordinance on December 8 to dissolve the township’s Affordable Housing Agency.
The township has been contracting out affordable housing services with Frank Piazza of Piazza & Associates, and state law no longer requires towns to establish affordable housing agencies.
In other business during the meeting, Township Committee also adopted an $8 million bond ordinance to fund the park on the site of the new University Medical Center of Princeton at Plainsboro, off Route 1.
The burden of funding the improvements to the park will not affect taxpayers because the bond ordinance is simply a requirement under the state’s redevelopment law. It will be paid back by the hospital after the project is completed, officials said.
The redevelopment law requires the township to assist in financing the public improvement part of the redevelopment project, which is the park the hospital is providing to the community. The bond ordinance covers the costs associated with demolition of buildings on the site that were used by the FMC Corporation as well as the grading and other landscaping work.
Principal costs and interest will be paid back to the township by the hospital, officials said.
Medical Offices. In other business during the December 8 meeting, the Township Committee unanimously adopted a redevelopment agreement and an application with the Princeton Medical Arts Pavilion Urban Renewal, LLC, for the development of the 150,000 square foot medical office building adjacent to the hospital site.
Township Attorney Michael Herbert said that the township had a broad redevelopment agreement with Princeton HealthCare System, but that in order for developers to come in to develop individual pieces of that 160-acre site — like the medical office building — individual developer agreements would have to be passed.
Trammell Crow Company was selected to develop the new Medical Arts Pavilion. The 146,971-square foot medical office building will be physically connected to the new hospital.
The project is owned by Partners Health Trust, a venture of Trammell Crow Company and a public pension fund advised by Kennedy Associates.
