The deal was announced Thursday and is set for consideration by the town government's approval on Monday.
The university and town officials frame it was as a way to resolve an age-old issue in college towns where much of the land is university-owned and thus tax-exempt.
Under the deal, the Ivy League school would pay $2.6 million toward several specific departments, including a storage facility for public works equipment and a new first-aid building.
The school would also make yearly unrestricted payments and would continue paying property taxes on graduate student housing that could be tax-exempt.
