Underutilized Town Assets Committee

Underutilized Town Assets Committee

The mission of this committee is to investigate practical options for the several underutilized real estate assets of the Town of Princeton. Some of these assets include structures (such as Mechanics Hall) that are deteriorating due to inadequate maintenance and lack of use. Others include vacant land parcels that have been accumulated by gift or by acquisition over the years.

The goal of the committee will be to develop strategies for and actionable implementation plans that will maximize the long-term value of each of these assets for the benefit of the Town.

The initial focus of this committee shall be Mechanics Hall. By any standard, Mechanics Hall is a historically significant building but it is an asset threatened by deterioration due to lack of adequate maintenance and lack of use.

Some of the options that have been suggested (for Mechanics Hall as an example) include:

• Sell the property with appropriate deed restrictions,
• Retain town ownership, define a future use and outline a financial plan to complete the necessary renovations, or
• Allow the building to deteriorate until such time that demolition is required. The options for the parcels vacant land may include disposition through a process or gift to an abutter. Moreover, the committee could recommend any other reasonable option.

The scope of work for the committee will be to:

• Catalog each of the Town’s underutilized real estate assets. This list would be prepared with the approval and review of the Board of Selectmen.
• Review documentation, deeds and past studies pertaining to each. For the Mechanics Hall case, these include a 2004 study and the Town Plan.
• The subjects of this study are considered surplus because they were deemed to have no further useful purpose to the Town of Princeton. The committee should review and reconfirm that conclusion in each case.
• Articulate alternative options for the future of each asset, or possibly a group of like assets.
• Identify constraints to each option – land use, zoning, finance, etc.
• Develop a recommended solution, or range of solutions, with the participation of the public.
• Draft the appropriate implementation plans and documentation for the recommended approach. As necessary, these shall include deed restrictions, conceptual redesign sketches, financing plans, Town Meeting warrant articles, etc.
• Present findings, recommended next steps and these draft documents to the Select Board.

It is expected that the committee will meet with the Select Board from time to time for the purpose of updating the Board or to seek guidance in the direction of the project. The initial term of this committee would last until 31 December 2011.