The Princeton Community Development Corporation received new information about the community center during the May 4 regular meeting, which could alter future plans for the building.
The building was originally purchased by the CDC in 2015 for $137,969. Since that time, the CDC has spent $806,075 on renovations for a total of $944,040. An additional $107,279 budgeted to complete the building totaling $1.056 million on the project.
According to CDC President Steve Deffibaugh, the board originally envisioned the center as a place for public or city events as well as a space that could be rented out for weddings and corporate activities. The CDC planned to use any revenue generated from these activities to fund future projects.
Of the current board, Deffibaugh is the only member who was also on the board when the building was purchased.
Incorporated in 1997, the CDC’s purpose is to promote projects that enhance the community for the residents of Princeton. The CDC is funded by sales tax revenue, with the city transferring 1/4 percent of sales tax collections each month.
At City Manager Derek Borg suggestion, City Attorney David Overcash attended the meeting where he informed the board that, per state law, the CDC can only engage in approved governmental functions such as owning land or managing a project.
According to Sec. 501.160 of the Development Corporation act, “a corporation may not own or operate a project as a business other than as a lessor, seller, or lender.”
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By Dustin Butler • [email protected]
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