NEW HAVEN, Conn. (WTIC Radio) - The City of New Haven and Yale University are expanding their partnership with a six-year commitment that involves an increase of the university's voluntary contributions to the city by $52 million.
Yale University will be paying an additional $52 million to the city over the next six years. When combined with the university's existing voluntary payments, Yale will be contributing about $135 million to the city by the end of the six-year time period.
"Yale is extending its lead as the institution that makes the largest annual voluntary contribution of any U.S. college or university to its home city," Yale University President Peter Salovey said.
The new partnership also includes other commitments that, according to Salovey, will benefit both the university and the city.
Under the agreement, Yale has pledged to gradually offset the city's loss in tax revenues for any properties that the university takes off the tax rolls over the next six years.
Also, Yale will be contributing an additional $5 million during the six-year period to establish a new Center for Inclusive Growth.
"The center will examine, develop and implement new strategies for growing the city's economy to the benefit of all New Haven residents," Salovey said.
An advisory committee made up of university, city and community leaders will help guide the center, he said.
Lastly, the university is spearheading a renovation project that will convert High Street (between Chapel and Elm streets) into a city-owned pedestrian walkway that has no vehicular access.
For many city leaders, this is a vital step in the right direction following years of community outcry over the university's lack of fair contributions toward city services.
"For years, people have been calling on Yale to deepen its commitment to our city," New Haven Mayor Justin Elicker said, "With today's announcement, Yale takes a meaningful step in this direction."
Board of Alders President Tyisha Walker-Myers echoed the sentiment, saying that the partnership is a testament to the university's commitment to New Haven's long-term success.
However, while at New Haven City Hall Wednesday for the announcement, Walker-Myers made it clear to Yale officials that the work had just begun.
"It will get uncomfortable, but we will get results," Walker-Myers said while addressing Yale officials.
Though approval from the Board of Alders is still needed, the first payment is expected to be made during the current fiscal year.