The township has acquired 28 acres of the roughly 40-acre farmland property.
By: David Campbell
Princeton Township on Monday said it has closed a $2.7 million deal to acquire much of the Gulick farm on Princeton-Kingston Road as open space.
Under the agreement, the township has acquired 28 of the roughly 40-acre farmland property that is bounded by Princeton-Kingston, River and Herrontown roads.
The Gulick family will retain the 11 acres on which the homestead and several historic structures stand, as well as an under 1-acre building lot on the westerly side of the property.
The Gulicks have agreed to transfer the development rights to the 11-acre property to the township, and to commit a minimum of $600,000 from the sale proceeds to help renovate some of the 15 historic structures on the property over the next three to five years.
"We are very pleased to be able to preserve the Gulick Farm as a rich part of the Princeton community heritage," said Mayor Phyllis Marchand in a press release issued Monday.
The $2.7 million purchase was funded through the township open-space fund. The township will seek partial reimbursement from the state Green Acres Fund and the New Jersey Historic Preservation fund, according to the press release.
The property, which is on the National Register of Historic Places, has remained in the Gulick family for generations, going back more than 200 years. Benjamin Gulick now resides on the property with his wife and family.