Yale announced Wednesday it will increase the payments it makes to New Haven, bringing millions more to the city.
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.
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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.
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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.
