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News from PRINCETON UNIVERSITY For Immediate Release October 8, 2001 Contact: Sarnoff and Princeton University Agree on a Plan for the University to Purchase 90 Acres of Sarnoff LandsPrinceton, N.J. (October 8, 2001) -- Sarnoff Corporation and Princeton University have agreed that the University will purchase approximately 90 acres of Sarnoff's 345-acre West Windsor campus if Sarnoff receives approval from West Windsor Township for a satisfactory General Development Plan (GDP) for the Sarnoff property. The 90 acres include the portion of the property that fronts along Route One and a section along the Millstone River near Route One. Sarnoff will be proposing a General Development Plan that would allow a floor area ratio (FAR) of approximately .21. This represents a reduction from Sarnoff's original proposal of .24, and an even more significant reduction from current zoning, which permits a FAR of .30. In making its purchase, the University would acquire the development rights attributable to the acres it would obtain, although it has no plans to develop those lands in the near future. "We are interested in purchasing these lands for the same reason that the University obtained lands in West Windsor between Route One and Lake Carnegie in the 1920s and the 1940s, to ensure that we can accommodate future academic, research, residential and other educational needs over the very long term," said Richard Spies, the University's vice president for finance and administration. "While we have no immediate plans for development, it is critical that we have the right over time to develop these lands for University purposes." Sarnoff CEO Jim Carnes said, "We believe this arrangement benefits all parties concerned: Sarnoff, the University, and, especially, West Windsor. As we listened to the concerns of the citizens of the community and held ongoing discussions with township officials, it was clear that less development phased farther out in time was important. "For Sarnoff the proceeds from the land sale will allow us to accomplish the renovation and expansion we need in support of our business in West Windsor, while the University obtains property for possible future needs. We feel this is positive for all concerned." The agreement provides that under certain circumstances the University will have the first right to purchase more acres should Sarnoff decide to sell them.
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