ITHACA, N.Y. (WENY) -- Cornell University announced on Tuesday, June 25th that the University has agreed to a multi-million dollar 10-year-deal with the Town of Ithaca. In the deal, Cornell agreed to an annual voluntary contribution of $425,000.

“This first-ever voluntary contribution agreement is a major accomplishment for the town and Cornell and further strengthens our important relationship,” said Joel M. Malina, Cornell vice president for university relations, in a prepared statement, adding “The fact that it’s a 10-year agreement will ensure a consistency of dedicated dollars over that long-term time frame.”

$300,000 of the town contribution is to be used toward general services. The rest of the money will go towards infrastructure improvements selected from a list generated by both Cornell and Ithaca officials.

“Last fall the Town Board identified approaching Cornell for an annual voluntary contribution as a priority, and discussions were initiated to augment support for services and initiatives that, by default, are of mutual benefit to town residents and Cornell,” said Rod Howe, supervisor for the Town of Ithaca, in a prepared statement. 

Roughly 40 percent of Cornell is in the Town of Ithaca. The amount will be adjusted every year for inflation.

The agreement was approved unanimously by the Town of Ithaca Board of Supervisors on June 10 and Cornell President Martha E. Pollack signed the agreement on June 13.

“We are pleased to have negotiated a 10-year agreement that builds on our long-standing, interrelated and cooperative relationship,” Howe said in a prepared statement.

According to Cornell, with the new voluntary contribution to the Town of Ithaca, and its $4 million voluntary contribution to the City of Ithaca, Cornell has dedicated more than $30 million each year to support local critical community priorities.