Yale ups its payment to New Haven

Robert DeSanto

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Robert DeSanto

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The city of New Haven’s coffers will have an additional $5 million per year because of a new agreement between Yale and the city, announced in March. The university, which is the city’s largest real-estate taxpayer but which also owns a substantial amount of tax-exempt property, has been making voluntary payments to the city since 1990. The new $230 million agreement, which runs through fiscal 2033, boosts the annual amount from about $25 million to about $30 million next year, with payments increasing annually to about $34 million in 2033. Yale says its payments are the highest of any American university to its host city. “Right now, both Yale and New Haven are facing significant uncertainty,” said Yale president Maurie McInnis ’96PhD in a statement. “But that uncertainty is exactly why today’s announcement is so important.” (For more, see our Q&A with McInnis in this issue.)