Yale's acquisition of the Bayer property will dramatically enhance the University's economic impact on the region and the state.
The University already provides substantial economic support to the region. New Haven, the heart of the region, receives direct benefits because of the University's presence. While the University's non-taxable campus occupies only 4% of the total land area of the city, it generates a much larger fraction of New Haven's budget revenue from a combination of voluntary payments, permit fees for building projects, real estate taxes and Payment in Lieu of Taxes (PILOT) from the state, based on non-taxable academic properties.
In the last 10 years, Yale has constructed over two million square feet of new space in New Haven and has active plans to construct two million more -- not counting the two new residential colleges under consideration. These projects produce jobs for hundreds of local contractors and generate permit fees and PILOT funds from the state of Connecticut.
Yale is also the largest real estate taxpayer in the city of New Haven, paying over $3.5 million in taxes on its non-academic properties. These are primarily stores and restaurants leased to private businesses in the downtown area. Yale also pays real estate taxes on its golf course.
There are 40 biotech companies in Greater New Haven -- many of which are the direct result of Yale research. Through the efforts of Yale's Office of Cooperative Research, which helps turn discoveries into products and processes that benefit the public, not only has Yale spun off many companies but in this past year alone, it has launched seven venture capital-backed biotechnology startups, two of which received seed money through a venture fund which Yale supports.
Yale, along with the Olin Corporation and the city of New Haven, incorporated the non-profit Science Park Development Corporation in 1981 to revitalize the 80-acre industrial site abandoned by the Winchester Arms Company. Science Park fosters technology start-up companies. The most recent venture is the leasing of 150,000 square feet in building 25 by Winstanley, a real estate development firm. Yale has an ongoing commitment to leasing available space in Science Park.
Yale currently employs approximately 11,700 people, faculty and staff, most of whom live in New Haven and the surrounding area and spend their money in the local economy.
Approximately 500,000 visitors come to New Haven annually to tour Yale. They patronize local restaurants and hotels while in the region.
T H I S
W E E K ' SS T O R I E S
Yale to increase medical and scientific research programs
with acquisition of the Bayer HealthCare complex
Acquisition to expand Yale's economic impact
Milestones in building Yale's medical and scientific research strength
Study shows stem cells curb Parkinson's disease in primatesChina proves 'a great joy' for Yale 'friends from afar'
COMMENCEMENT 2007
With pomp, Yale celebrates its newest graduates
Baccalaureate Address
Honorary Degrees
Outstanding teachers and students are awarded prizes
Former Yale gallery director has been elected an alumni fellow
NASA administrator is appointed University's first CFO
'Lights, cameras and action!' come to campus
Delegations travel to Brazil and Mexico for alumni-hosted events
Initiative seeks to promote effective use of solar power
Air pollution is shown to harm pregnant woman
SCHOOL OF MEDICINE NEWS
Sleep apnea is linked to heart disease and diabetes
Research findings on FMRP protein may lead to . . .
Residents' work-hour reductions not harmful to patients, study says
New radio show offers information, support to cancer patients
Scientific symposium will honor renowned faculty member
Students' research on wood frogs is featured in Peabody exhibit
In Memoriam: Naturalist Charles L. Remington
Performances will showcase talents of young playwrights
New Yale website illustrates the history of slavery in Connecticut
Campus Notes
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