Toad’s Place has agreed to pay a $90,000 fine to the state Liquor Control Commission and to suspend its liquor license for three months next year as a penalty for serving alcohol to minors, officials announced Thursday.

The agreement stems from a Nov. 5, 2005, police raid of the popular New Haven nightclub. According to published reports, 142 underage patrons were found to be in possession of alcohol at the bar.

The day before the announcement, the university subpoenaed 108 Quinnipiac students in connection with the police raid. However, these students are not going to face punishment with the university, said Harry Needham, university investigator.

“Basically, it’s an administrative hearing against Toad’s. No disciplinary actions were going to be taken against these students in the first place,” Needham said.

Phone calls placed to Brian Phelps, the owner of Toad’s Place, were not immediately returned. The well-known club on York Street in New Haven will close its bar from May 6, 2007, through Aug. 3, 2007.

Quinnipiac sophomore Gina Castrorao agreed with the punishment. “I definitely think it is justified. I mean the fact is they can not serve to minors, plain and simple,” she said.