Melissa Bailey Photo
Under a new deal unveiled Monday, Yale would buy the rights to High and Wall streets from the city, forever, for a yet-to-be-determined price, ending a long-running dispute over the control of downtown roadways.
The proposed deal emerged in documents submitted to the Board of Aldermen Monday afternoon, just in time to make the agenda for that evening’s meeting. It concerns portions of High Street (between Grove and Elm, pictured above) and Wall Street (between York and College) on Yale’s campus.
The proposal still needs approval from aldermen. It will be assigned to a committee and discussed at a public hearing. Board President Jorge Perez said he’s waiting to see details before taking a position on the proposed deal.
Yale assumed control of the two streets from the city back in 1990 and closed them to most vehicular traffic. It created a pedestrian plaza on one of the blocks. The original 1990 deal included a vague clause calling for the city to reevaluate it after 20 years — leading to a debate over whether it needs to be extended and whether lawmakers can, or should, try to exert legal leverage.
The matter last appeared on the Board of Aldermen’s agenda in December 2011, when it began to spark a power struggle between lawmakers and Yale. Click here, here, and here for more background. City lawmakers began to reconsider the deal in January, but put the issue on hold as Yale and the city quietly worked out an agreement.
According to the new deal, the city would abandon the rights to those streets forever, selling them to Yale for a one-time payment. The sale price would be determined by a third-party appraiser agreed upon by both parties. Yale would also agree to continue making annual contributions to the city in the manner it has done for the past three years. That includes a contribution based on the number of Yale students living in nontaxable property and the number of full-time workers at Yale, as well as an additional payment to offset the cost of fire service.
Wall Street.
Matt Smith, the mayoral liaison to the Board of Aldermen, said the proposal represents a resolution to a long-running issue. “It’s been in committee for a while. We want to see it resolved.”
He said the city and Yale have agreed on an appraisal company, which should soon set to work answering the question: How much are the streets worth?
Smith said the appraisers should have a figure by the time a public hearing takes place.
Monday’s full Board of Aldermen meeting passed without mention of the deal. The submission appeared as a communication only; no vote was taken. Yale’s Lauren Zucker (pictured with East Shore Alderman Sal DeCola), who was present, declined to comment on the deal. She referred comment to Yale spokesman Michael Morand, who issued a short statement via email: “The closure of these few blocks to general vehicular traffic has been found to be successful over two decades, creating an amenity for campus and community. Their discontinuance and the conveyance of title are logical last steps to clarify this matter. Yale has long stepped up as a vital partner for the City and looks forward to continuing its support for the decades ahead.”
Alderwoman Jeanette Morrison, whose ward includes High and Wall Street, said she has not received enough information to publicly comment at this time.
Downtown Alderman Doug Hausladen called the deal an opportunity for extra money in tough financial times.
The city’s budget has three tax options, all of which call for raising taxes, he noted in an email. It’s important “to look at all possible one time revenues for asset sales that would not negatively impact city residents and only save tax payers money. This proposed deal with the University is one of these options—another was 10 Wall Street, which has not been fruitful,” he wrote.
“I am looking forward to the appraisal that the administration and Yale agree to — and it will be important for my board to look deeper into the appraiser report to ensure to our taxpayers the greatest possible sale price as the market seems appropriate. Additionally, our board should be concerned with the transparency and openness of this process so that we are not finding ourselves in the same situation 20 years later. I look forward to hearing more from the public on this matter as it moves through committee; we had great turnout on this item previously and almost all (if not all) testimony was in favor of keeping the current the function and use of the streets as is.”
“Now that we have a deal proposed, I look forward to more testimony,” Hausladen wrote. He invited anyone to post suggestions on his web page.