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Resolution of the Mayor and Council of Princeton Authorizing the Execution of a Pledge Agreement With The Tenacre Foundation In The Sum Amount of $500,000.00 Annually for the years 2025 thru 2029
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WHEREAS, the Tenacre Foundation, a non-profit corporation of the State of New Jersey (hereinafter referred to as “Tenacre”) is a Christian Science organization formed exclusively for religious purposes and for charitable and educational purposes in furtherance of Tenacre’s religious mission; and
WHEREAS, Princeton has recognized for a number of years Tenacre’s tax-exempt status as a religious organization pursuant to N.J.S.A. 54:4-3.6; and
WHEREAS, notwithstanding their charitable status, Tenacre for at least the past twenty years has made voluntary contributions to Princeton in recognition of the municipal services provided by Princeton to Tenacre; and
WHEREAS, Tenacre entered into a Pledge Agreement in May 2020 with Princeton to pledge the payment of the sum of $500,000.00 annually through 2024 to Princeton in recognition of the municipal services provided by Princeton to Tenacre; and
WHEREAS, Tenacre wishes to renew the Pledge Agreement and extend its commitment to Princeton to contribute the sum of $500,000.00 annually for 2025 through 2029.
NOW THEREFORE, BE IT RESOLVED by the Mayor and Council of Princeton as follows:
1. The Mayor and Clerk of Princeton are hereby authorized and directed to execute a Pledge Agreement, a copy of which is attached, whereby Tenacre pledges to voluntarily gift to Princeton the sum of $500,000.00 annually for the years 2025 - 2029.
2. A certified true copy of this resolution upon its adoption shall be furnished to Tenacre, care of their attorneys, Christopher S. Tarr, Esq., Stevens & Lee, 100 Lenox Drive, Suite 200, Lawrenceville, New Jersey 08648.