The College has reached an agreement with the city to provide $50,000 to create a new economic advisor position in the city government.

The position was first proposed by City Manager Robert DiSpirito in June of last year. The deal was finalized in a meeting last Friday.

The new position, known as the Economic and Housing Development Officer, will assist and advise in the creation of new development initiatives for the downtown and the construction of new housing.

They will also consult the city on methods for recovering its dwindling tax base.

The deadline for applications for the job was last week. The College had been waiting for the details of the position to be finalized before it committed its resources to the project.

Both parties seem optimistic that this new funding will improve cooperation between the College and the town on economic development matters.

“We look forward to working with the college in many ways in the future,” Dispirito said. “But that doesn’t always mean the College giving money to the town. The college may be helping us in an intellectual capacity and we may be helping them with their needs.”

“The College has made investments in the town throughout its history,” Vice President of College Relations Alan Moran said. “What’s changed a little bit now is that there’s more than just support for the community. Now we have an ongoing dialogue with the city and we look forward to a very successful proactive relationship.”

College President Nancy Dye outlined mutual goals for the future.

“The greatest need right now is for more sustainable enterprise for the city,” she said. “The College must play a role in that.”

A full press release on this issue is expected from the city administration next week.