With almost a half-million dollars spent already on the Princeton Junction redevelopment plan, West Windsor Council must now decide if it wants to borrow more money to keep the process going. Township council is expected to discuss the redevelopment budget at its meeting on Monday, September 24.##M:[more]##
Earlier this month Business Administrator Christopher Marion reported to council that only $60,”790 remains of the $403,”725 approved in bond ordinances last year for the creation of the redevelopment plan.
He told council that the township will have to consider bonding more funds if it wants the process to continue.
Mayor Shing-Fu Hsueh says the additional money is needed as a result of expenses that were never envisioned when the process began.
“When we passed the budget a year ago, we thought we had enough to cover the whole thing,” the mayor says. “But now there are additional meetings and committees. There is also talk about conducting an independent financial analysis and a new traffic study. We’re trying to minimize any significant budget for things that might not be productive.”
The majority of the money, $330,”000, went to RMJM Hillier, the firm hired by the township as redevelopment consultant. Hillier has already been paid $165,”000 of its original contract, and an additional $165,”000 is scheduled for future payment.
Other expenditures include building rentals for public forums, mailing costs, and legal fees.
“We did a preliminary analysis from staff point of view of how much it will cost to get us from a concept (plan) to the next step,” says Marion. That information was presented to both the redevelopment Steering Committee and Township Council.
Marion says staff is looking towards a joint session between the Council and Planning Board before finalizing an amount for the bond ordinance. “After the meeting, we’ll have a better feel for what the costs will be. We’ll have a better idea where we’re headed in terms of funding and the contracts we need to have in place.”
Marion says that the township plans to introduce an ordinance to finance emergency sewer repairs in early October and may be able to add additional redevelopment financing to that measure.
The new money would include funding for additional educational public meetings, township and planning professionals, redevelopment legal counsel, and a financial consultant.
Hillier is also continuing to work with the township on additional educational meetings and the creation of an educational booklet for township residents.
