Directors of the Princeton Economic Development Corporation (PEDC) have chosen Vice Chair Mike Thompson, Place 1, as chair. He succeeds Terrance Johnson, who resigned in June.
Thompson was not present at the Monday, Aug. 5, special meeting chaired by Place 3 Director Emarcus Bingham, PEDC secretary. Place 7 Director Michael Crawford was chosen vice chair.
The meeting was the first for Sesame Morrison, named by the Princeton City Council to fill the Place 4 seat vacated by Johnson. Place 5 remained vacant following the resignation of Director Pat Sheehan.
The PEDC adopted a Fiscal Year 2025 budget in which the board was projected to receive $2.06 million in sales tax revenue, $300,000 from interest.
The FY24 budget showed a surplus of $1,388,706 and the PEDC’s financial report in June showed unassigned funds totaling $6,255,490 as of April 30.
The proposed FY25 PEDC budget contained $969,786.96 as a capital expenditure for Land Acquisition and the same amount for contract services under Business Relocation and Retention.
There was no public discussion of where the money would be spent but Crawford questioned whether more money should be allocated to Land Acquisition.
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