ITHACA N.Y. (WENY) -- The City of Ithaca and Cornell University reached an agreement on voluntary donations after a five month negotiation period. When the deal is approved, Cornell will begin to provide $4 million annually to the city itself.

In a joint statement from Ithaca Mayor Laura Lewis and Cornell University President Martha E. Pollack stated that the agreement served to continue the more than 150 year bond between the city and university. Pollack added that Cornell University will continue to provide funding to support TCAT, the Community Housing Development Fund, the Ithaca City School District,  local non-profits, and Ithaca campus-related issues such as public safety, snow removal, sidewalk construction, and paving.

The agreed upon figure of $4 million is more than double the current $1.6 million contribution that Cornell already makes. The 21-year long deal is worth in excess of $80 million. The last time that a memorandum of understanding was negotiated between the two parties was twenty years ago.

The deal itself will adjust for inflation as years progress.