B Y T H E N U M B E R S
Regional economic impact
According to the University's Office of Community and State Affairs:
• The University is the largest taxpayer in both Princeton Borough and Princeton Township with property and sewer tax payments in these two communities totaling more than $6.15 million this year.
• These tax payments include hundreds of thousands of dollars in taxes on housing for faculty, staff (including the University president's house) and many graduate students. This is housing that might qualify for tax exemption under New Jersey state law. However, the University pays full taxes on these residential properties in order to ensure that the public school system is compensated for school-aged children who might -- but do not necessarily -- dwell in these residences.
• The University has an overall regional economic impact of an estimated $1.3 billion.
• Approximately 99 percent of the $186.9 million spent on University construction in 2002-03 went to New Jersey firms.
• Serving as a major employment center, Princeton was the source of approximately $10.8 million in New Jersey state income tax revenue from those on the University payroll.
• Special gifts to Princeton Borough and Township and Princeton community organizations during the past two years have amounted to approximately $2 million. Such gifts include: $500,000 to the Princeton Public Library construction project; $500,000 to the Princeton Regional Schools construction project; $300,000 to Monument Drive reconstruction; $155,000 to the Princeton First Aid and Rescue Squad for a rescue vehicle; $50,000 to the Princeton Charter School and annual cash gifts to the Borough of Princeton (this year that amount will be approximately $300,000, a figure that includes a payment in lieu of taxes for McCarter Theatre), to the fire department and first aid squad, and to the Medical Center of Princeton.
• Affordable housing contributions in cash and land to Princeton Borough and Princeton Township since 1990 have amounted to an estimated $1.2 million. The University pays both the borough and the township an annual contractual contribution earmarked for affordable housing. According to the most recent agreement, the University in 2002 gave the borough $50,000 and the township $50,000. This amount increases by $5,000 per year in each municipality.