Yale University is increasing its annual voluntary financial contribution to the city of New Haven by an additional $52 million over the next six years and will be partnering with the city to build a more equitable New Haven, officials announced Wednesday.
New Haven Mayor Justin Elicker called it a "historic commitment."
"This is the most significant commitment that Yale has ever made to the city," Elicker said.
The agreement is for a total of $52 million in new money over the next six years. Combined with existing payments, the university will contribute around $135 million to the city over six years, according to Yale.
The university is also establishing a new Center for Inclusive Growth to develop and implement strategies for New Haven’s economic growth. Yale will contribute an additional $5 million in the first six years.
A news release from Yale also said that High Street, between Chapel and Elm streets, will be converted into a city-owned walkway.
Yale will provide a design to the city and fund the renovation.
Yale will also continue to pay taxes on property they purchase, at a decreasing rate over 10 years.
In New Haven, $8.5 billion of property is tax exempt. It’s 60 percent of all of the city’s property. Of that, Yale University owns $3.5 billion in untaxed property.
State Senator Martin Looney helped restructure the state’s reimbursement plan to cities like New Haven, which will also see an additional $40 million from the state.