City of New Haven Meeting Agenda 2026-05-26
Yale University to Provide $232M to New Haven Over 7 Years
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Description
The City of New Haven Board of Alders approved an agreement with Yale University providing $232.7 million in voluntary and fire service payments from FY2027 to FY2033, plus a one-time $8 million payment in FY2026. The agreement also includes joint initiatives in housing, food insecurity, and community support.
Contract Details
Contract Amount
$232,745,085 through FY27-FY33 plus $8,000,000 one-time in FY '26
Vendor
YALE UNIVERSITY
Agency
City of New Haven, CT
Contract Type
FINANCIAL_SERVICES
Document Date
May 26, 2026
Contract Term
FY2027–FY2033 (with escalation) plus $8M in FY2026
Renewal Date
2033-06-30
Renewal Info
Voluntary lump-sum payment escalates by 2.5% annually until FY2031, then remains flat through FY2033. Additional fire service payment follows existing formula. Renewed tax-exempt property offset and periodic letter incorporation by reference.
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