Ohio State University received a $100 million to help fund the expansion of OSU Medical Center in the largest donation in university history, the school announced. The gift comes from Limited Brands founder Leslie Wexner and his Limited Brands Foundation.
Wexner, the chairman of the university's board and a 1959 graduate, will donate $65 million to his alma mater, and the foundation will give $35 million, according to Bloomberg.
Most of the record donation will go to the university's medical center and its $1 billion expansion plans for the Arthur G James Cancer Hospital and Solove Research Institute. Wexner's donation will help construct a new cancer hospital and research institute, a new critical-care building, and spaces for research, education and patient care.
The expansion project's annual economic impact to Ohio will be $1.7 billion by 2015 and it will create 10,000 jobs full-time, said OSU officials.
Some of the funds will also be used for Ohio State's Wexner Center for the Arts and other university initiatives.
Wexner's gift will be distributed over nine years, with $20 million donated this year, Shelly Hoffman, assistant vice president for media relations, told The Lantern.
Over the years, Wexner and the Limited Foundation have contributed nearly $200 million to Ohio State.