ITHACA, N.Y. (WHCU) – The Memorandum of Understanding between Cornell University and the City of Ithaca is official.

The MOU jumped the final hurdle today as the executive committee of the Cornell Board of Trustees approved the agreement. Ithaca Common Council approved a revised agreement on Wednesday that will increase the school’s voluntary contribution to the city to $4 million dollars through June of 2039.

Ithaca City officials will have discretion on how to use 80% of the funds, while the remainder will be used to support projects that are mutually beneficial.

“The city and the university are interconnected partners who collaborate frequently for the benefit of our shared community,” said Cornell President Marta Pollack. “We look forward to continuing that collaboration.”