Editor's note: The full board passed the proposal on Sept. 6.
UNIVERSITY PARK, Pa. — The Penn State Board of Trustees Committee on Finance and Investment received the annual University capital plan update and advanced a proposal today (Sept. 5) to increase the plan by $224.7 million. The proposal will be considered by the full board on Sept. 6.
Originally approved last year, the maintenance-centric, five-year capital plan is designed to address Penn State’s aging campus facilities, infrastructure and building systems, and serves as roadmap for future facility investments.
The proposal to be considered by the board raises the budget for the plan from $2.183 billion to $2.4077 billion.
“Ultimately, the capital plan is designed to promote and support student success at all of Penn State’s locations, as well as the vital research and other activities happening across our campuses,” said Sara Thorndike, senior vice president for Finance and Business/treasurer. “Our capital plan carefully balances the need to address critical maintenance with new investments to support the teaching and research requirements needed to provide a world-class education and experience.”
Among the changes in the proposed plan are a new general-purpose classroom building at the University Park campus to support the University’s overall academic mission and plans for modest enrollment growth. As part of Penn State’s roadmap for the future, the University is seeking to meet student demand by increasing enrollment of the incoming class at the University Park campus from about 9,200 to 10,000 students over the next several admission cycles.
The proposed plan calls for a center for manufacturing competitiveness at Penn State Behrend’s Knowledge Park to bolster the park’s mission of bringing together forward-thinking companies with Penn State students, faculty and staff to advance business and technology.
The revised capital plan also calls for a renovation to the START Lab at University Park and a microchip packaging cleanrooms renovation.
Individual projects, including those added to the capital plan, will still require board approval, in accordance with the board’s bylaws.