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Drew University Response to Madison’s Claims of $65.1M Final Offer

Drew spokesperson: “If the Borough’s offer were actually worth $65.1 million, we would happily accept it and the deal would be done.”

On Monday evening, the Borough of Madison issued a press release announcing that, after two years of negotiation, it has issued a final offer to Drew University. Noted a Drew spokesperson, “If the Borough’s offer were actually worth $65.1 million, we would happily accept it and the deal would be done.”

Drew University and Madison Borough have been actively negotiating the sale of University land, including The Drew Forest, Zuck Arboretum, and two developable parcels of land on the north side of campus, for over two years. The parties are currently engaged in mediation in order to avoid having this complex issue be determined in the courts. Drew felt the ongoing mediation was productive and was looking forward to a resolution that met the best interests of both parties and, importantly, ensured the preservation of The Forest. 

In this complex deal involving multiple financial sources, more than half of the funds in Madison’s offer are based on the University selling the two parcels of surplus land to their housing development partner as well as state and federal funds that Drew secured. 

We acknowledge that everyone has worked extremely hard over a long period of time to reach an agreement and craft a comprehensive deal that equals $65.1M, and one that will preserve The Drew Forest and Zuck Arboretum. As soon as funds from all parties involved—including funds from the Borough, philanthropic gifts, housing developer, and local, state, and federal grants—are fully accounted for and guaranteed and Madison’s proposal becomes binding, Drew is eager to accept without delay.

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