Princeton University has agreed to pay millions of dollars to a fund to assist local home owners and to provide other funds to support low-income residents in the local area. In return, local taxpayers have agreed to drop a suit challenging the university's exemptions from property taxes. The trial on that suit was scheduled to start today. The university also agreed to extend by two years an agreement under which it makes voluntary contributions to the budget of the town of Princeton.
A statement from President Christopher L. Eisgruber said, "We had every confidence that the courts ultimately would have affirmed the university's continuing eligibility for property tax exemption on buildings and facilities that support its educational, research and service missions, but we concluded that the contributions we will make under the settlement agreement are a better expenditure of funds than continuing to incur the considerable costs of litigation."
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