The area around one of Mercer County’s prominent higher education facilities will be getting some new greenery while aiming to assist the university into getting on stronger financial footing.
Mercer County recently announced that it has committed to purchase land from Rider University for $8.5 million, with most of the funding coming from the County’s Open Space Trust Fund. The purchased land will primarily be designated for preservation as open space, making it eligible for up to 50% reimbursement from the New Jersey Department of Environmental Protection.
Lawrence Township, where the college is located, has also committed to contributing towards the purchase using its own open space funds. The County is additionally entering into a facility use agreement with Rider, which will allow them to access the university’s facilities.
The transactions will total about $10 million and provide the private university with the cash flow it needs as it works to stabilize and strengthen its finances, according to Rider University President John R. Loyack.
“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 to be purchased by Mercer County include the final surviving portion of what is known as The Big Woods, which includes some environmentally sensitive wetlands. The County plans to improve the property’s trails to enhance community access to passive recreation.
“Rider University is an invaluable asset to our community,” said Mercer County Executive Dan 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.”
County officials also noted that purchasing the land from the college provides the school with an alternative to selling its properties to residential developers.
Rider University has fallen on hard times in recent years, with the college reporting a $21.9 million deficit in 2024 that earned it a junk bond rating from Moody’s. The school passed a “March to Sustainability Plan” late last year that aims to improve its finances.
