As the following map shows, the iXpress currently stops in the middle of the Park (the bus stop is labelled iXp). The LRT, however, has to run along the rail tracks, and so it stops on the extreme eastern edge of the Park, towards the north end. This is a kilometer from some of the existing buildings in the R&T Park, and further than that to the campus.
In this map, which is from the university web site, I've x'ed out the portions that are not university land. The brown blobs are R&T Park buildings. This map is a little out of date: there are two new buildings on the west edge of the Park, far from the LRT stop, and one new Open Text building on the south-west edge, even further away.
The iXpress costs a tiny fraction of the what the LRT will cost. It is comparable in speed, and its service can be expanded to carry all the riders the region predicts to have for decades to come. Plus, its stops are more convenient. Why is the region planning to spend $800 million to give us less convenient transit?
Update: After a correction in the Comments section, I moved the LRT station on the map approximately 1/4" to the south.
Update: The University of Waterloo has just announced a massive increase in development in the R+T Park, filling up the north and west portions of the North Campus lands - the furthest from the LRT station (an area that runs off this map to the top and left).