Middlebury has a pretty stable relationship with the town of Middlebury, Vermont. No one gets stabbed like at Bates, no one gets mugged like at Trinity, and you can leave your house open and the keys in your ignition when you go to the liquor store.
The community is really important downtown, and there is significant collaboration with the college in some respects. The college is the major employer in Middlebury, so people are a little uncomfortably dependent on it. It drives rents up all over town, and certainly has a very influential say in town politics.
That being said, the college has done more for the town than the town has ever done for anyone. The small slices of culture in midwestern Vermont are directly solicited by Middlebury College. The college brings music, guest speakers, readers, orchestras, sports events, artists-in-residence, racial and geographical diversity to the town, and nearly all its facilities, events, and resources are open to the public - though privileges are naturally reserved for students.
Adversely, the community provides some pretty awesome resources too, that the college could never do on its own. Vermont has a highly-honored tradition of living well, and keeping its priorities in the right place - since no one lives in Vermont to make it big. This manifests itself in several incredible things you won't find anywhere else. First: the Otter Creek Brewery. You can ride your bike or drive here, and drink free samples of micro-brewed beer and eat delicious gourmet whole-seed mustard and pretzels while you decide what beer to buy. Otter Creek has the most incredible deals I've ever seen. You can get a growler, a 64-oz glass jug of beer, for $4. That's almost four pints of excellent micro-brew for $4. (There's a $2 deposit on the growler itself.) Then they have specials on their seasonal beers when the seasons are changing, which is all the time. Last time I was there, I bought a case (24 bottles) of their delicious Oktoberfest for $11. Can you beat that?
Then there is the Meat Shack. Follow a dirt road off of Weybridge St one mile out of town until you come to the unmarked farm that has animals on its mailbox. It's not easy to find, and most college students don't know about it. You go down the driveway and feel like you're trespassing until you enter a small red house, the size of a bathroom. Three walls are refrigerators and freezers, filled with freshly-cut vacuum-sealed farm raised meat. Their bacon is unfuckingbelievable. They've got four kinds of sausage, pork-chops, sheep-sticks, hamburgers, Canadian bacon, etc, and you pay the same as you would in the supermarket, for hormone and antibiotic infused crap that will make you shit liquid. And the best part is, the whole thing operates on The Honor System, which, in this case, is a small metal box overflowing with cash. Each customer is asked to fill out an invoice saying what they're buying, and then you put your money in the money box and take your change. Just like that.