SYRACUSE -- The City of Syracuse is getting some financial help from Syracuse University.

The university is tax exempt but has agreed to pay the city $500,000 a year for the next five years. The city says the university agreed to help cover the cost of city services like fire, Department of Public Works, and police as part of a series of contracts.

More than 50% of the property in the City of Syracuse is tax exempt and City Hall is hoping some of those owners will agree to help out too. City Director of Administration Bill Ryan says "Hopefully SU is the first of the not for profits, especially the larger not for profits, who will recognize that the streets have to be plowed, the fire department responds, the police respond and we need money to run those services."

Many colleges and not for profits in other cities like Boston, Providence and New Haven already contribute money to help pay for essential city services.

Many Syracuse taxpayers were glad to hear that SU was willing to help pay for services everyone needs but Bill Ryan said the city will likely still face chanllenging budgets in the years ahead.