The famous grease trucks are moving from their longtime spot on College Avenue, following a decision made by the Rutgers University Board of Governors earlier today.

According to a report on NJ.com, the $295 million deal will redevelop properties around the center of the College Avenue campus, including the purchase of a part of the New Brunswick Theological Seminary, and the construction of a mixed use building Lot 8, where the trucks are located.

As a result of the new development, the trucks may only have a year of time left in their current arrangement on Lot 8, according to the report.

While the trucks may be moved off the lot, officials say the new apartment and retail building will have a restaurant in the style of the grease trucks on the ground floor, according to the report.

Other trucks may be relocated around town, and will have to apply for permits to do so, according to the report.

The New Brunswick Development Corporation (Devco) is expected to own and manage the building, according to a press release from Rutgers University released Wednesday.

Devco released a statement Wednesday saying that the corporation recognizes the local importance of the trucks and will work with the truck owners during the redevelopment project.

The grease trucks are a Rutgers institution, serving up a myriad of foods, but most famously, "fat" sandwiches stuffed with things like hamburgers, cheesesteaks, mozzarella sticks and french fries.

Talk of moving the trucks has been on and off for the last year, most recently in November, when college officials discussed moving the trucks off the lot or raising their rent.