MADISON – Mayor Robert Conley and Drew University President Hillary Link signed an agreement for the borough to purchase the Drew Forest on Sunday, Jan. 11, Conley announced during the Borough Council meeting on Monday, Jan. 12.

The council had previously passed a resolution to enter a settlement with Drew to purchase the forest for preservation for $23.8 million at a special meeting on Monday, Dec. 22.

The borough also plans to buy the Madison House, a historic home at 2 Vinal Place on the campus, and some surrounding land and parking area, for $400,000.

The settlement would also involve the creation of two new parcels to be subdivided for inclusionary housing and other development. One area, Parcel B, is behind the United Methodist Church in Madison, and the other, Parcel C, is between Madison Avenue and the frontage of Ranger Stadium.

The council passed a resolution at the Jan. 12 meeting directing the Planning Board to conduct a preliminary investigation as to whether this area qualifies as an area in need of redevelopment.

In another resolution, the council directed the Planning Board to amend the Third Round affordable housing plan to include this area.

Next steps include environmental testing, a settlement with the Fair Share Housing Center, the redevelopment process for the areas set aside for housing, and closing on the deal by Dec. 31, 2026, Conley said.

While there are grants from federal, state, county and local government, the deal is contingent on a $5 million capital campaign by the Friends of the Drew Forest, Conley said.

Judy Kroll, co-chair of the Friends, said the group already has an anonymous donor who has agreed to match donations up to $2.5 million, so the Friends will need to fundraise for the other $2.5 million.