Rider University President John Loyack, CPA, MBA, Mercer County Executive Dan Benson and the Mercer County board of commissioners announced that the county has committed to purchasing land from Rider for approximately $8.5 million.
The purchase will strengthen the University while preserving ecologically and historically significant lands as open space for future generations.
Most of the funding is a combination of the county’s Open Space Trust Fund and capital budget. Most of the purchased land will be designated for permanent preservation as open space and will be eligible for up to 50% reimbursement from the state through the New Jersey Department of Environmental Protection.
Lawrence Township has also committed to contributing toward the purchase by using its open space funds.
“This agreement represents another critical step in reimagining a meaningful Rider as we continue to swiftly rebuild our financial strength,” said Loyack. “The agreement demonstrates the ultimate in creativity and speed that can be achieved through meaningful public-private partnerships.
“We are deeply grateful to the Mercer County executive and the county commissioners for being so willing to work with us to make this happen.”
The 56 acres purchased for preservation include the final surviving portion of “The Big Woods,” the beech forest explored by Aldo Leopold, father of the American conservation movement, during his time as a student at The Lawrenceville School in the early years of the 20th century.
“Lawrence Township fully supports Mercer County’s efforts to preserve vital open space in our community and partner with Rider University during this difficult time for the school,” said Lawrence Township Mayor Christopher Bobbitt.
“The father of wildlife ecology, Aldo Leopold, spent his high school years studying the ‘Big Woods’ in Lawrence, and I am delighted that they will now be preserved for future generations to enjoy.”
Mercer County is also entering into a facility-use agreement with Rider, which will allow the County to access University facilities for operational uses and events.
These transactions will total about $10 million, providing Rider with needed cash flow as the University works to stabilize and strengthen its finances.
“Rider University is an invaluable asset to our community,” said Benson. “I’m proud that we were able to sit down and work collaboratively with University leadership to reach an agreement that strengthens our partnership, and that’s a win-win for the school and for Mercer County residents.”
The county and Rider will discuss further options for cooperation, including the possible purchase of an easement along the planned route of the Johnson Trolley Trail. When completed, this trail will provide a pedestrian and bicycle path running from Trenton to Princeton.
