The New Jersey Transit board of directors unanimously voted to approve a property transfer between the agency and Princeton University this afternoon during a phone conference.
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.
A state and a national train advocacy group filed a petition with the federal government yesterday to stop the Dinky station move and a handful of other lawsuits are still making their way through the courts.