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NJ TRANSIT AWARDS CONTRACT FOR NEW TRAIN STATION AT MONTCLAIR STATE UNIVERSITY

$26 Million Project will Support New Direct Rail Service to New York

NEWARK, NJ, June 12, 2002 -- The NJ TRANSIT Board of Directors today awarded a $26 million contract to Prismatic Development Corporation of Plainfield, NJ, to design and build a new station, a 1,300-space parking facility and traffic improvements near Montclair State University (MSU) on the Boonton Line in Little Falls.

The Board also authorized NJ TRANSIT to enter into a Memorandum of Understanding with MSU and to execute any subsequent implementing agreements to use portions of MSU property for the station, the parking facility and the realignment of nearby Clove Road.

The new station and parking facility will help NJ TRANSIT expand capacity to meet current and future ridership demand primarily generated by new rail service operating via the Montclair Connection --Montclair-Boonton MidTOWN DIRECT.

"The McGreevey Administration remains committed to improving the quality of life for all New Jersey residents," said NJ TRANSIT Board Chairman and State Transportation Commissioner Jamie Fox. "This project will clearly improve the quality of the commute for thousands of rail riders and provide an economic boost to the University and the surrounding community."

"Thanks to the leadership and commitment of Governor McGreevey and Commissioner Fox, this new station will provide us with increased parking capacity to meet the demands of our newest MidTOWN DIRECT rail service," said NJ TRANSIT Executive Director George Warrington. "I would also like to thank Dr. Susan Cole, President of Montclair State University, for working quickly with me to formalize an agreement that will have long-term benefits for NJ TRANSIT riders and the University."

News of an agreement on the Memorandum of Understanding was announced by Governor James E. McGreevey on Monday, June 10 -- the 6th anniversary of NJ TRANSIT's original MidTOWN DIRECT rail service.

The joint agreement between NJ TRANSIT and MSU -- combined with funds from the New Jersey Transportation Trust Fund (TTF) and New Jersey Economic Development Authority (NJEDA) tax exempt, conduit revenue bonds -- will pave the way for construction of the new facility.

The new station and parking deck will be constructed on MSU property, across the Boonton Line tracks from Yogi Berra Stadium in Little Falls. It offers convenient access for commuters traveling by auto on nearby Routes 3 and 46 and local residents in Little Falls and Montclair. Riders using the station will have direct rail access to Penn Station New York, Hoboken Terminal or other stations on the Boonton Line and Montclair Branch. It will also provide new rail access directly to MSU for students, staff and visitors.

The station will consist of an 800-foot center island, high-level platform with canopies, a bus pickup/dropoff area in front of the station and other passenger amenities. The parking deck will contain 1,300 parking spaces. The parking deck and the station platforms will be connected by a pedestrian overpass served by elevators and stairs. The new station is scheduled to open in spring 2004.

Additionally, Clove Road will be realigned near the new station to better serve the station and surrounding neighborhood.

Parking revenues from the new 1,300-space deck will be used to cover operating costs and bond obligations. Any surplus money generated by the parking facility will increase NJ TRANSIT's non-farebox revenue for future use.

NJ TRANSIT is the nation's largest statewide public transportation system providing Bus, rail and light rail services for 380,600 daily commuters on 238 bus routes, two light rail lines and 12 commuter rail lines.

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