Yale University has agreed to increase its voluntary payments to the city of New Haven, Conn., by $52 million over six years.
Combined with the university’s existing voluntary payments, Yale will contribute about $135 million to the city over the six years, the university says in a news release.
“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,” says Yale President Peter Salovey.
New Haven Mayor Justin Elicker says that Yale’s increased support for the city means the university is committing to contribute more financially over the next six years than it has over the last 20 combined.
In addition to the funding boost, Yale will establish a Center for Inclusive Growth and will contribute an additional $5 million in the first six years. The center will develop and carry out strategies to improve the city’s economy.
Yale also has committed to offset the city’s loss in tax revenues for any properties the university takes off the tax rolls in the next six years.
The university says it will continue a variety of other efforts to enhance the civic and cultural well-being of New Haven. These initiatives include public education and youth partnership programs such as the Yale Pathways to Science program, community investment projects, the Yale Homebuyer Program, cultural events, support of the downtown business improvement district, and neighborhood projects.
