The New Jersey Transit board of directors will hold a special meeting via telephone tomorrow at 1 p.m. to vote on a property transfer between the agency and Princeton University.
Members of the public can listen to the board call by attending the meeting in person tat the New Jersey Transit Headquarters Building at One Penn Plaza East in Newark. The session includes a period for public comment and the board is slated to go into executive session if needed.
A spokesman for Princeton University declined to comment on the meeting and referred all questions to New Jersey Transit. New Jersey Department of Transportation Spokesman Joseph Dee did not respond to a request for information about the meeting.
According to an agenda released today, the University has requested property exchanges to allow for the construction of its $320 million Arts and Transit project.
New Jersey Transit will sell a 0.84 acre parcel located in the former Princeton Township to the University to be used for the construction of parking for the new Dinky Station. New Jersey Transit will buy from the University a 0.06 acre parcel located in the former Princeton Township to facilitate the realignment of the Princeton Branch train tracks. New Jersey Transit’s existing public transportation easement in the former Borough and Township will be traded for another 1.47-acre easement from the University.
Princeton University will pay New Jersey Transit $185,000, plus between $88,000 and $480,000 for the difference between the values of the easements. The fee will be decided by an appraiser.
As part of the deal, New Jersey Transit’s easement area will be relocated and reduced in size. New Jersey Transit will have the right to use a 2.97 acre parcel of land for purposes related to the use, operation, maintenance inspection or alteration of passenger train service.