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Contact: Pam Hersh (609) 258-3018
June 5, 2000
Princeton University Contributes $300,000 for Monument Drive Redevelopment
Gift Closes Funding Gap
PRINCETON, June 5 -- Princeton University President Harold T. Shapiro announced today that the University is giving the Borough of Princeton $300,000 toward the redevelopment of Monument Drive. The gift enables the Borough to proceed with the $1.1 million project that had been stalled because of a $300,000 funding gap.
"With this gift, Monument Drive finally will be able to undergo a number of much needed aesthetic, safety, pedestrian access and parking improvements" in the area of Borough Hall and the Suzanne Patterson Center, at the intersection of Nassau Street and Route 206, said Borough Mayor Marvin Reed. "The University's gift provides enough funding so that we can implement the full project without having to allocate any additional tax dollars."
"The area around Monument Drive is an important gateway to Princeton," said Shapiro, a Borough resident. "This project will substantially improve the way the site looks and the way it works, for visitors to Princeton and for residents. The Borough has developed an excellent plan and has worked hard to raise the necessary funds. The University is delighted to be able to complete the funding for the project so that it can be fully implemented."
According to Borough Administrator Robert Bruschi, the Monument Drive construction will commence late summer and should be substantially completed by the end of the year. Features of the reconstruction will include improved access to the Suzanne Patterson Center and Borough Hall, a landscaped plaza highlighting the historic monument, establishment of a pedestrian mall, redesign of Monument Drive and Route 206 to enhance pedestrian crossing, creation of short-term parking for tourists and visitors, and reconfiguration of other parking.
Please Note: Princeton Borough Mayor Marvin Reed will hold a short press conference at 5 p.m., Monday, June 5, Borough Hall, to announce this gift and describe the Monument Drive Project.