UNIVERSITY PARK, Pa. — The Penn State Board of Trustees’ Finance and Investment Committee advanced a series of proposals during its meeting today (Sept. 17) including an appropriations request for the 2027-28 fiscal year, a series of real estate transactions, and renovation projects at various campuses, among other items.
During its session, the committee advanced proposals for:
- Penn State’s request for fiscal year 2027-28 appropriation for operations: The University is seeking an increase of $12.15 million in state appropriations from the commonwealth, as well as $60 million for the State-Related University Performance Fund, to be shared among Penn State, the University of Pittsburgh, and Temple University;
- An increase to the current 2023-28 University capital plan: The revised plan calls for a $98.6 million increase to cover projects to update various facilities across Penn State;
- Real estate divestitures at Penn State Shenango and Penn State Wilkes-Barre: The committee voted to recommend the sale of the Shenango and Wilkes-Barre campuses;
- An agreement with McKinsey & Co.: For the full board’s consideration on Friday, the committee advanced a recommendation to enter into a multi-year agreement with McKinsey & Co. The University engaged the firm this past April as it launched an institution-wide assessment to identify opportunities to deliver even greater value for students and the commonwealth, and invest in high-growth, high-impact areas that will further Penn State as a leader among research institutions. The recommendation would engage McKinsey as a partner to university leaders and teams, who will continue in their work to strengthen Penn State. At the upcoming State of State event on Sept. 24, Penn State leaders will reflect on the opportunities and challenges before the University community and look ahead to the next steps in advancing the road map for Penn State’s future.
- An addition to the Animal Diagnostic Laboratory at University Park campus: The $65.3 million project is designed to meet the growing demand for advanced, reliable and timely diagnostic services supporting animal health and food safety for the commonwealth;
- Construction of the Center for Manufacturing Competitiveness at Penn State Behrend: The $19.2 million project will construct a new 31,300-square-foot facility at Penn State Behrend’s Knowledge Park to function as an intrapreneurial sandbox and catalyst for Erie County’s economic, innovation and social development;
- Henderson Building renovations at University Park campus: The $16.6 million project will modernize key student-facing areas, including general purpose classrooms and student services spaces, while improving accessibility, restrooms and building systems;
- Additional funds for the construction of the new Applied Research Laboratory (ARL) at University Park: When the project was originally approved, the facility included a “shell space” for potential research growth. A recent contract was awarded to ARL to fit out part of this space;
- Option to purchase 331 Innovation Blvd. at University Park campus: The University is seeking the option to acquire the Innovation Park facility, which was formerly used by Penn State Human Resources. The 82,142-square-foot building is being used by the Applied Research Laboratory;
- A real estate divestiture at Penn State Harrisburg: The plan calls for selling approximately 57.5 acres of vacant land located at 93 State Route 230 in Lower Swatara Township for $19.4 million. The property was formerly used as student housing between 1970 and 2002, and the housing structures were demolished in 2002; and
- A real estate divestiture at Penn State Behrend: The proposal calls for selling approximately 99 acres at East 38th Street and Shannon Road in Harborcreek Township for $1.3 million.
The proposed measures will be considered by the full board at its meeting on Sept. 18 at the Nittany Lion Inn on the University Park campus.
The committee also approved a lease agreement with AT&T to update the cellular infrastructure at Beaver Stadium. The AT&T updates will be completed for the start of the 2027 football season.
Other board committees also met on Sept. 17 and advanced action items for the full board’s consideration.