FINANCIAL_SERVICESPENDING

City of New Haven Finance Committee Meeting Agenda April 2026

New Haven Weighs Seven-Year Voluntary Payment Deal With Yale

$232,745,085 plus an additional $8,000,000 one-time payment in FY 2026 and additional voluntary property tax offset paymentsCity of New HavenYALE UNIVERSITYApril 29, 2026

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Description

The New Haven Board of Alders Finance Committee is considering an order to accept a new seven-year voluntary payment agreement with Yale University totaling over $232 million, plus an additional $8 million one-time payment. The agreement would also obligate Yale to make temporary property tax-equivalent payments when it acquires taxable properties and to continue a fire services contribution tied to the city’s fire budget.

Contract Details

Contract Amount

$232,745,085 plus an additional $8,000,000 one-time payment in FY 2026 and additional voluntary property tax offset payments

Vendor

YALE UNIVERSITY

Agency

City of New Haven, CT

Contract Type

FINANCIAL_SERVICES

Document Date

April 29, 2026

Contract Term

Fiscal Year 2027 through Fiscal Year 2033 (seven-year agreement), with property tax offset payments for up to 12 years per acquired property

Renewal Date

2033-06-30

Renewal Info

New seven-year voluntary payment schedule beginning in FY 2027, replacing and enhancing the 2021 six-year plan that was to run through FY 2027. The agreement also renews and continues prior terms from the 1990 agreement and subsequent letters, including the fire service payment formula and property tax offset structure for up to 12 years per newly exempt property.