NEW HAVEN, Conn. — The City of New Haven and Yale University announced Wednesday that they have come to a new agreement that will result in more money paid by the school to the city.
The multi-year agreement calls for the city to receive more money in lieu of taxes over the next six years, changing a street within campus to be pedestrian-only, a council to advise the city on growth strategies, and a commitment by the university to offset tax revenue lost when it takes off the tax rolls.
Yale President Peter Salovey, New Haven Mayor Justin Elicker, and Board of Alders President Tyisha Walker-Myers made the announcement at a press conference at City Hall.
According to officials, the outline of the agreement are:
- An increase in Yale’s voluntary payments to the City, totaling $52 million in new money over six years. Yale’s current payments to the city amount to $83 million per year for a new total of approximately $135 million over the six-year period. Officials called the amount unprecedented nationally. Yale will pay $10 million each year over the next five years and $2 million for the last year of the agreement.
- A new Center for Inclusive Growth to be established at Yale, to which Yale will contribute an additional $5 million in the first six years. The center, guided by an advisory committee that will include university, city, and community leaders, will develop and implement strategies to grow the city economically in a way that benefits all of New Haven’s residents.
- High Street, between Chapel and Elm streets, will be converted into a city-owned walkway without vehicular access. Yale will provide to the City a design and then fund its renovation. Yale’s and the city’s goal is to make this a public space.
- Yale will also commit to offset the city’s loss in tax revenues for any properties the school takes off the tax rolls in the next six years.
“This is an historic moment for the relationship between the City of New Haven and Yale University. Yale has contributed in many ways to the city, but with today’s announcement, Yale has committed to contribute more financially over the next six years than it has over the last twenty combined. This funding, in addition to the creation of the Center for Inclusive Growth, will help the City make more investments in the New Haven community, continue to stabilize our financial footing, and improve opportunities for residents,” said Mayor Justin Elicker.
“Yale and New Haven have a bond that has been tested by time and strengthened by shared purpose,” Yale President Peter Salovey said. “As a New Haven anchor institution and the city’s largest employer, the university is proud to do its part in building a community that creates sustained inclusive growth across every neighborhood in the city.”
Yale currently pays the city $13 million annually.
Doug Stewart is a digital content producer at FOX61 News. He can be reached at dstewart@fox61.com.
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